Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 19, 2021, the Board of Directors of Parke Bancorp, Inc. (the
"Company") appointed John S. Kaufman, age 38, to Senior Vice President and Chief
Financial Officer of the Company. On that same date, John F. Hawkins retired as
Executive Vice President and Chief Financial Officer of the Company.
Mr. Kaufman joined the Company in July 2020 as Senior Vice President and
Treasurer. Prior to joining the Company, Mr. Kaufman served as First Vice
President and Chief Financial Officer of MSB Financial Corp. ("MSB Financial")
and Millington Bank, from 2015 to July 2020. Prior to his service with MSB
Financial, Mr. Kaufman served as Controller of American Heritage Federal Credit
Union from July 2013 to September 2015. He has also worked for GCF Bank from
June 2012 to July 2013 and, prior to that, Wilmington Savings Fund Society.
Mr. Kaufman has been in the financial industry for over 19 years, primarily with
savings banks.
The Company has previously implemented a Management Change in Control Severance
Agreement (the "Agreement") with Mr. Kaufman, effective December 15, 2020. The
Agreement provides for severance benefits associated with termination of
employment following a change in control equal to one and one-half times the
most recent three-year average salary and cash incentive and bonus payments, not
to exceed the tax-deductible amounts under Section 280G of the Code. In
addition, such individuals are eligible to receive reimbursement for premium
contributions for their medical, dental and life insurance premiums for 18
months. Such agreement also provides that Mr. Kaufman would be subject to
non-compete and non-solicitation restrictions for a period of one year following
his termination of employment following a change in control.
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