Parke Bancorp enters change-in-control severance deal with CFO Jonathan Hill

PARKE BANCORP, INC.

Agreement provides a lump-sum payment of 2.5 times the three-year average salary and cash incentive/bonus, subject to Section 280G limits.
Mr. Hill is eligible for 18 months of medical, dental, and life insurance premium continuation.
Non-compete and non-solicitation restrictions apply for one year following termination after a change in control.
Agreement effective March 19, 2024; triggered only upon a change in control of Parke Bancorp or Parke Bank.

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