8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 19, 2024

PARKE BANCORP, INC.

(Exact name of registrant as specified in its charter)

New Jersey

0-51338

65-1241959

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


601 Delsea Drive, Washington Township, New Jersey		08080
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (856) 256-2500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐	Pre-commencement to communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading

Symbol(s)

Name of Each Exchange

on Which Registered

Common Stock, Par Value $0.10 per share

PKBK

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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)

SEC Form 8-K filed by Parke Bancorp Inc.