Parke Bancorp Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$PKBK
Major Banks
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 21, 2024
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PARKE BANCORP, INC.
INFORMATION TO BE INCLUDED IN THE 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 May 21, 2024, Parke Bancorp, Inc. (the “Company”) entered into a Management Change In Control Severance Agreement (the “Agreement”) with Ralph Gallo, Executive Vice President and Chief Operating Officer, and is retroactively effective as of April 23, 2024. This Agreement supersedes the prior Management Change In Control Severance Agreement dated July 19, 2016. The Agreement provides for severance benefits payable to Mr. Gallo associated with an involuntary termination of employment without cause or a voluntary resignation for good reason by Mr. Gallo 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. Gallo 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. Gallo 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 Exhibits.
| Exhibit No. | Description | ||||||||||||||||
| 10.1 | |||||||||||||||||
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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, thereunto duly authorized.
PARKE BANCORP, INC.
| Date: May 23, 2024 | By | /s/ Jonathan D. Hill | ||||||||||||
| Jonathan D. Hill | ||||||||||||||
| Senior Vice President and Chief Financial Officer | ||||||||||||||
| (Duly Authorized Representative) | ||||||||||||||