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.
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