UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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PARKE BANCORP, INC.
INFORMATION TO BE INCLUDED IN REPORT
Section 5 – Corporate Governance and Management
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 19, 2024, Parke Bancorp, Inc. (the “Company”) entered into a Management Change In Control Severance Agreement (the “Agreement”) with Jonathan D. Hill, Senior Vice President and Chief Financial Officer of the Company. The Agreement provides for severance benefits payable to Mr. Hill associated with an involuntary termination of employment without cause or a voluntary resignation for good reason by Mr. Hill following a future change in control of the Company or Parke Bank, a subsidiary of the Company. Such severance benefits would be paid as a lump-sum equal to two and one-half (2.5) times the most recent three-year average salary and cash incentive and bonus payments, not to exceed the tax-deductible amounts under Section 280G of the Internal Revenue Code. In addition, Mr. Hill is eligible to receive reimbursement for premium contributions for continuation of his medical, dental and life insurance premiums for 18 months thereafter. The Agreement also provides that Mr. Hill is subject to non-compete and non-solicitation restrictions for a period of one year following his termination of employment following a change in control and the execution of a release of claims in favor of the Company.
The foregoing summary is qualified in its entirety by reference to the Agreement which is filed herewith as Exhibit 10.1 to this Report, and incorporated herein by reference.
Section 9 – Financial Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are filed herewith:
| Number |
Description | |
| 10.1 | Management Change In Control Severance Agreement dated March 19, 2024, by and between Parke Bancorp, Inc. and Jonathan D. Hill. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PARKE BANCORP, INC. | ||||||
| Date: March 22, 2024 | By: | /s/ Vito S. Pantilione | ||||
| Vito S. Pantilione | ||||||
| President and Chief Executive Officer | ||||||
| (Duly Authorized Representative) | ||||||