SEC Contract Filing

Filing Date: 2018-03-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>2
<FILENAME>cicseveranceagreemmiddlebr.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
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<div><a name="sFB1FEAFE9EB26FBB895B06A7D2312A8A"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MANAGEMENT CHANGE IN CONTROL SEVERANCE AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS MANAGEMENT CHANGE IN CONTROL SEVERANCE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;Agreement&#8221;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">) </font><font style="font-family:inherit;font-size:12pt;">is made on and as of this 19 day of July, 2016 (&#8220;Effective Date&#8221;), by and between Parke Bancorp, Inc. (&#8220;Company&#8221;), a corporation organized under the laws of the State of New Jersey which serves as a bank holding company, with its principal office at 601 Delsea Drive, Sewell, New Jersey 08080, Parke Bank (&#8220;Bank&#8221;), a banking corporation organized under the laws of the State of New Jersey, with its principal office at 601 Delsea Drive, Sewell, New Jersey 08080, and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">David O. Middlebrook</font><font style="font-family:inherit;font-size:12pt;">&#32;(the &#8220;Executive&#8221;).</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Executive is, as of the effective date of this Agreement, employed by the Company and the Bank, a wholly owned subsidiary of the Company, as </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Senior Vice President and Chief Credit Officer </font><font style="font-family:inherit;font-size:12pt;">(&#8220;Officer Position&#8221;); and</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Board of Directors of the Bank believes that the Executive has worked, and will continue to work, diligently in his position in pursuing the business objectives of the Bank to the direct benefit of the Company and its shareholders;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Board believes that, if the Company receives any proposal from a third-party concerning a possible business combination with, or the acquisition of equity securities of, the Company, it is imperative that the Company and its Board be able to rely upon the Executive to continue in his or her position with the Company and the Bank, and that the Board be able to receive and rely upon his advice, if they request it, as to the best interests of the Company and its shareholders, without concern that the Executive might be distracted by the personal uncertainties and risks created by such a proposal; and</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, to achieve that goal, and to retain the Executive&#8217;s services as an executive employee of the Company and the Bank prior to and through the occurrence of a potential future Change in Control, as defined in this Agreement, the Company, the Bank and the Executive have, with the full support and concurrence of the Board of Directors of each of the Company and the Bank, agreed to enter into this Agreement to provide to the Executive certain benefits in the event that his or her employment as an executive employee of the Company or the Bank is terminated in conjunction with or after a Change in Control of the Company or the Bank.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in order to assure the Company and the Bank that they will have the continued dedication of the Executive and the availability of his or her ongoing advice and contribution notwithstanding the possibility,