On April 5, 2024, Valley National Bancorp announced that it has received a shareholder proposal from Kenneth Steiner requesting Board to adopt a policy to seek shareholder approval of senior managers? new or renewed pay package that provides for golden parachute payments with an estimated value exceeding 2.99 times the sum of the executive?s base salary plus target short-term bonus. This proposal only applies to Section 16 Officers.

In addition, the board has recommended shareholders to vote against this proposal at the 2024 Annual Meeting to be held on May 21, 2024.