On October 28, 2023, Provident Bancorp, Inc. entered into an agreement with Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., Stilwell Value LLC, and Joseph Stilwell, an individual (collectively, with Activist Fund, Activist Investments, Stilwell Partners, and Stilwell Value, the ?Stilwell Group,? and each individually, a ?Stilwell Group Member?) and Dennis Pollack, an individual. The Agreement will remain in effect until the completion of the Company?s 2025 Annual Meeting of Stockholders.

Pursuant to the Agreement, the Company has agreed to, among other things, appoint Mr. Pollack to the Boards of Directors of the Company and its wholly owned banking subsidiary, BankProv (the ?Bank?), in the class of directors expiring at the Company?s 2025 Annual Meeting of Stockholders and similar class at the Bank board, with such appointments being subject to any required regulatory approval or non-objection. In the event Mr. Pollack is unable to serve as a director of the Company and Bank, the Company and Bank will appoint a replacement director chosen by the Stilwell Group. The Company has also agreed to amend its bylaws to remove its residency requirement applicable to Board members such that Mr. Pollack may serve on the Board.