---
schema_version: "secwatch.filing_event.v1"
accession: "0001315399-24-000044"
form_type: "8-K"
ticker: "PKBK"
cik: "0001315399"
company_name: "PARKE BANCORP, INC."
filed_at: "2024-05-23T23:59:59+00:00"
generated_at: "2026-06-01T09:05:07.164280+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001315399-24-000044
- form_type: 8-K
- ticker: PKBK
- cik: 0001315399
- company_name: PARKE BANCORP, INC.
- filed_at: 2024-05-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1315399/000131539924000044/0001315399-24-000044-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1315399/000131539924000044/pkbk-20240521.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001315399-24-000044
- JSON: https://secwatch.observer/filing/0001315399-24-000044.json
- Plain text: https://secwatch.observer/filing/0001315399-24-000044.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.