secwatch.observer — SEC 8-K summary
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Issuer:     PARKE BANCORP, INC. (PKBK)
CIK:        0001315399
Form:       8-K
Filed at:   2024-05-23T23:59:59+00:00
Accession:  0001315399-24-000044
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1315399/000131539924000044/0001315399-24-000044-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1315399/000131539924000044/pkbk-20240521.htm
  HTML page:      https://secwatch.observer/filing/0001315399-24-000044

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer