Parke Bancorp enters new severance agreement with COO Ralph Gallo providing 2.5x multiplier upon change in control

PARKE BANCORP, INC.

Agreement with Ralph Gallo, EVP & COO, effective retroactively April 23, 2024.
Lump-sum severance equal to 2.5x average of last 3 years salary and cash incentive/bonus upon qualifying termination after change in control.
Includes 18 months of medical, dental, and life insurance premium reimbursement.
Subject to non-compete and non-solicitation for 1 year post-termination.

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