Parke Bancorp Inc CFO Secures Severance Deal and Benefits
Company Announcements

Parke Bancorp Inc CFO Secures Severance Deal and Benefits

Parke Bancorp Inc (PKBK) has provided an announcement.

Parke Bancorp, Inc. has crafted a severance agreement with its CFO, Jonathan D. Hill, ensuring he receives a lump-sum payout if he’s let go without cause or resigns with just cause after a company takeover. This compensation equals 2.5 times his average salary and bonuses from the past three years, capped at a tax-deductible limit. Additionally, Hill will get an 18-month extension on his health and life insurance benefits. However, he must adhere to a one-year non-compete clause post-termination in the event of a change in control.

For detailed information about PKBK stock, go to TipRanks’ Stock Analysis page.

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