VLY » Topics » Severance and Change-in-Control Agreements

This excerpt taken from the VLY DEF 14A filed Mar 6, 2007.

Severance and Change-in-Control Agreements

We have written severance agreements with our NEOs (other than Mr. Lawrence as explained under “Potential Payments on Termination of Employment or Change-in-Control” below.) We recognize that the uncertainty arising from not having severance arrangements may have a negative impact on NEO performance. This uncertainty could induce our NEOs to seek employment elsewhere. We think that the security of a defined severance arrangement helps us retain the services of these key employees.

We also have written change-in-control agreements with each NEO, in order to be able to retain their services in case a change-in-control becomes a realistic possibility. Often when this happens, executives become distracted by personal concerns about how they will be affected by the change. Our change-in-control agreements provide financial security in the face of a possible major event requiring our NEOs’ concentrated efforts.

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