Business Context and Reporting Period
This Form 8-K Current Report was filed by Parke Bancorp, Inc. on November 29, 2023. The filing addresses corporate governance and management changes under Item 5.02, specifically the appointment of a new Chief Financial Officer.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the appointment of Jonathan D. Hill as Senior Vice President and Chief Financial Officer, effective November 29, 2023. Mr. Hill brings over 20 years of experience, having previously served in senior finance roles at Republic Bank and M&T Bank.
Outlook, Risks, and Unusual Items
Following a 90-day period, the Company intends to implement a Management Change in Control Severance Agreement with Mr. Hill. Key terms include:
- Severance Benefits: Equal to 1.5 times the most recent three-year average salary and cash incentive/bonus payments, capped at Section 280G tax-deductible limits.
- Insurance: Reimbursement for medical, dental, and life insurance premiums for 18 months.
- Restrictions: Non-compete and non-solicitation restrictions for one year following termination due to a change in control.
Investor Verification Checklist
- Verify the effective date of the Management Change in Control Severance Agreement (expected 90 days post-appointment).
- Confirm the specific salary and bonus history used to calculate the 1.5x severance multiplier.
- Review the Company's proxy statement or other filings for details on the Board's rationale for the appointment.