10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K/A

Amendment No. 1

ANNUAL REPORT

PURSUANT TO SECTIONS 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

[☒] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: December 31, 2024 or

[☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File No. 000-51338

PARKE BANCORP, INC.
(Exact name of Registrant as specified in its Charter)		New Jersey	65-1241959
---	---
(State or other Jurisdiction of<br>Incorporation or Organization)	(I.R.S. Employer Identification No.)		601 Delsea Drive, Washington Township, New Jersey	08080
---	---
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: 856-256-2500

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, $0.10 par value	PKBK	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes  o No ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.     Yes  o No ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.           Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                          Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer ☒	Non-accelerated Filer ☐	Smaller reporting company ☒	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for compliance with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The aggregate market value of the voting stock held by non-affiliates of the Registrant, based on the closing price of the Registrant’s common stock as quoted on the Nasdaq Capital Market on June 30, 2024 was approximately $171.2 million.

As of March 11, 2025 there were 11,842,596 outstanding shares of the Registrant’s common stock.

DOCUMENTS INCORPORATED BY REFERENCE

1.Portions of the Proxy Statement for the 2025 Annual Meeting of Shareholders. (Part III)

Purpose for Amendment:

The purpose of this amendment is solely to supplement Part IV, Item 15, of the Annual Report on Form 10-K for Parke Bancorp, Inc. (the “Company”) for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission on March 12, 2025, to include (i) footnote 9 to Exhibit 10.9 to incorporate the exhibit by reference to the Company’s Form 10-K filed on March 15, 2023; (ii) Exhibit 19, the Stock Trading Policy of the Company, which was inadvertently omitted from the original filed copy of the Form 10-K; and (iii) footnote 10 to Exhibit 97 to incorporate the exhibit by reference to the Company’s Form 10-K filed on March 13, 2024. This Form 10-K/A does not reflect events occurring after the filing of the original Form 10-K, or modify or update the disclosures therein.

Item 15. Exhibits and Financial Statement Schedules

(a)	Listed below are all financial statements, schedules and exhibits filed as part of this Form 10-K/A:
	10.9	Management Change in Control Severance Agreement with Nicholas J. Pantilione(9)
	19	Stock Trading Policy
	97	Incentive Based Compensation Recovery Policy(10)
(9) Incorporated herein by reference from the identically numbered exhibit to the Company’s Form 10-K filed with the Commission on March 15, 2023 (File No. 000-51338).
(10) Incorporated herein by reference from the identically numbered exhibit to the Company’s Form 10-K filed with the Commission on March 13, 2024 (File No. 000-51338).

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized as of March 27, 2025.

PARKE BANCORP, INC.
	/s/ Vito S. Pantilione
By:	Vito S. Pantilione<br><br>President, Chief Executive Officer and Director
	/s/ Jonathan D. Hill
By:	Jonathan D. Hill<br><br>Senior Vice President and Chief Financial Officer (Principal Financial Officer and Accounting Officer)

Document

MANAGEMENT CHANGE IN CONTROL SEVERANCE AGREEMENT

THIS MANAGEMENT CHANGE IN CONTROL SEVERANCE AGREEMENT (this “Agreement”) is made on and as of this ___ day of June, 2021 (“Effective Date”), by and between Parke Bancorp, Inc. (“Company”), 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 (“Bank”), 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 Nicholas J. Pantilione (“Executive”).

BACKGROUND

A. The Executive is, as of the Effective Date, employed by the Company and the Bank, a wholly owned subsidiary of the Company, as Senior Vice President and Chief Loan Officer (the “Position”).

B. The Board of Directors of the Bank (“Board of Directors of the Bank”) believes that the Executive has worked, and will continue to work, diligently in the Position in pursuing the Bank’s business objectives to the direct benefit of the Company and its shareholders.

C. The Board of Directors of the Company (“Board of Directors of the Company”) believes that if the Company receives a proposal from a third-party concerning a possible business combination with, or the acquisition of equity securities of, the Company (each, a “Proposal”), it is imperative that the Company, the Board of Directors of the Bank, and the Board of Directors of the Company be able to rely upon the Executive to continue in the Position with the Company and the Bank, and that the Board of Directors of the Company and the Board of Directors of the Bank be able to receive and rely upon the Executive’s advice, if it requests 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 the Proposal.

D. The Company, the Bank and the Executive (collectively, the “Parties”) have, with the full support and concurrence of the Board of Directors of the Company and the Board of

Directors of the Bank (each, a “Board” and collectively, the “Boards”), have agreed to enter into this Agreement to provide to the Executive certain benefits solely in the event of a Change in Control (as hereinafter defined).

E. The terms of this Agreement shall have no force or effect except in the event of a Change in Control.

NOW THEREFORE, in order to assure the Company and the Bank that they will

receive the Executive’s continued dedication, availability, advice and contribution,

notwithstanding the possibility, threat or occurrence of a Change in Control, and to induce the Executive to remain in the Employers’ respective employ in the event of a Change in Control, the Parties, each intending to be legally bound hereby, agree as follows:

1. Definitions.

a. Cause. For purposes of this Agreement, “Cause,” with respect to termination of the

Executive's employment by either Employer, shall mean:

1) Executive’s willful and continued failure to perform Executive’s duties for

either Employer under this Agreement after at least one written warning from

the Employer’s President and/or Chief Executive Officer identifying such

failure and providing the Executive with at least a ten-day period to cure such

failure;

2) Executive engaged in conduct involving fraud, deceit, personal dishonesty,

breach of fiduciary duty or illegal conduct in the Executive’s business and/or

personal matters;

3) Executive’s willful misconduct, including but not limited to disclosing or

improperly using any material, non-public, business-related information,

written or oral, whether or not it is marked as such, that is disclosed or made

available to the Executive, directly or indirectly, through any means of

communication or observation, including any proprietary data of the

Company, the Bank or any of their respective subsidiaries or affiliates

(collectively, “Confidential Information”) under this Agreement, which causes

material injury to the Employer and/or its respective subsidiaries and/or

affiliates, as specified in a written notice to the Executive from the President

and/or Chief Executive Officer of either Employer;

4) Executive's conviction of a crime (other than a traffic violation);

5) Executive shall have become subject to continuing intemperance in using

alcohol or drugs which adversely affected, or may adversely affect, the

business or reputation of either or both Employers, as determined by either or

both of the Boards or the President and/or Chief Executive Officer of either or

both Employers;

6) The Executive’s violation of any banking law or regulation, memorandum

of understanding, cease and desist order, or other agreement with any banking

agency having jurisdiction over either or both Employers which, in the

judgment of either or both of the Boards or the President and/or Chief

Executive Officer of either or both Employers, adversely affected, or may

adversely affect, the business or reputation of either or both Employers

including, without limitation, any consent agreement, consent order or consent

decree;

7) Any petition under the federal bankruptcy laws or any state insolvency

laws filed by the Executive or against the Executive; or

8) Initiation of any proceeding for removal of the Executive by any banking

authority that possesses supervisory jurisdiction over either or both

Employers.

b. Change in Control. “Change in Control” shall mean the occurrence of any of the

following events:

1) Merger: The Company or the Bank merges into or consolidates with

another entity, or merges another bank or corporation into the Bank or the

Company, and as a result, less than a majority of the combined voting power

of the resulting corporation immediately after the merger or consolidation is

held by persons who were stockholders of the Company or the Bank

immediately before the merger or consolidation;

2) Acquisition of Significant Share Ownership: A report on Schedule 13D or

another form or schedule (other than Schedule 13G) is required to be filed

under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as

amended, if the schedule discloses that the filing person or persons acting in

concert has or have become the beneficial owner of twenty-five (25%) percent

or more of a class of the Company's or the Bank's voting securities; provided,

however, this Section 1(b)(2) shall not apply to beneficial ownership of the

Company’s or the Bank’s voting shares held in a fiduciary capacity by an

entity of which the Company directly or indirectly beneficially owns fifty

(50%) percent or more of its outstanding voting securities;

3) Change in Board Composition: Individuals who constitute the respective

Boards on the Effective Date (collectively, the “Incumbent Boards”) cease for

any reason to constitute at least a majority thereof, provided that any person

becoming a director subsequent to the Effective Date whose election was

approved by a vote of at least three-quarters of the directors comprising the

Incumbent Boards shall be considered, for purposes of this Section 1(b)(3), as

though that individual was a member of the Incumbent Boards; or

4) Sale of Assets: The Company and/or the Bank sells all or substantially all

of its respective assets to a third party.

The definition of Change in Control shall be construed to be consistent with the requirements of

Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations promulgated thereunder.

c. Contract Period. “Contract Period” shall mean the period commencing on the

business day immediately preceding a Change in Control and ending on the earlier of

(i) the second anniversary of the Change in Control, or (ii) the Executive’s death. A

“business day” is defined to mean any day except any Saturday, any Sunday, or any

day which is a federal legal holiday or any day on which banking institutions are

closed.

d. Employer. “Employer” shall mean the Company and/or the Bank, whichever

entity that shall employ the Executive from time to time, and any successor entity

thereto and collectively, the “Employers.”

e. Good Reason. When used with reference to the Executive’s voluntary termination of

Executive’s employment with the Employer, “Good Reason” shall mean any of the

following, if taken without the Executive’s written consent:

1) A material diminution in the Executive's base compensation

during the Contract Period;

2) a material diminution in the Executive's authority, duties, or

responsibilities during the Contact Period;

3) A material diminution in the budget over which the Executive

retains authority, to the extent that the Executive retains authority over

either or both Employer’s budgets;

4) a change in the geographic location of the Executive's office

location by more than 25 miles during the Contract Period; or

5) any other action or inaction that constitutes a material breach of an

agreement under which the Executive provides services to either or both

Employers.

f. Term.

Except as otherwise set forth herein, this Agreement shall commence on the

Effective Date and shall continue for a period of two (2) consecutive years

thereafter (the “Term”) or until the end of the Contract Period, whichever is later.

The Term shall be automatically extended for an additional one (1) year period on

each annual anniversary date of the Effective Date (each, a “Renewal Term”),

unless either or both of the Boards’ respective directors vote not to extend the

Term or Renewal Term, as applicable, prior to the annual anniversary date of the

applicable Term or Renewal Term. The Executive shall be notified of the nonextension of a Term or Renewal Term, as applicable, within a reasonable period

of time thereafter.

2. Employment. The Employers, as applicable, hereby agree to employ the Executive, and the Executive hereby accepts such employment, during the Contract Period upon the terms and conditions set forth herein. The Employers may, in the exercise of their sole discretion, transfer the Executive's employment relationship from the Bank to the

Company, or from the Company to the Bank, in which case the transferee Employer shall be the Employer for all purposes of this Agreement. The transfer of the Executive's

employment relationship between the Bank and the Company shall not be deemed to be a termination of the Executive or “Good Reason” for any purpose of this Agreement, and the Executive's employment shall be deemed to have continued without interruption for all purposes of this Agreement.

3. Job Position. During the Contract Period, the Executive shall be employed in the

Position with the Company and/or the Bank, or such other corporate or divisional profit

center as shall then be the principal successor to the business, assets and properties of the Bank, with a comparable position title and comparable professional job duties,

responsibilities and required experience and skill level as were in effect before the

Change in Control. The Executive shall devote the Executive’s full-time professional

effort and attention to the respective Employer’s business and shall not, during the

Contract Period, be engaged in any other business activity without the written consent of the Employer, which may be withheld for any reason or no reason.

4. Cash Compensation. The Employer shall compensate the Executive for the Executive’s services during the Contract Period as follows:

a. Base Compensation. The base compensation shall be equal to not less than such

annual compensation, including both salary and bonus, as was paid to or accrued

by, or for the benefit of, the Executive in the twelve (12) months immediately

prior to the Change in Control. The annual salary portion of base compensation

shall be payable in installments in accordance with the Employer's usual payroll

method immediately prior to the Change in Control. The bonus, if any, shall be

payable at the time and in the manner as to which the Employer paid such bonuses

prior to the Change in Control. Any increase in the Executive's annual

compensation pursuant to Section 4(b), or otherwise, shall automatically increase

the base compensation.

b. Annual Increase. During the Contract Period, either Board shall review, no less

than annually, the Executive's compensation and shall award the Executive

additional compensation to reflect the Executive's performance, as determined in

the discretion of the applicable Board.

Additional compensation may take any form, as determined by either Board, including but not limited to increases in annual salary, incentive bonuses and/or bonuses not tied to performance.

5. Expenses and Fringe Benefits. During the Contract Period, the Executive shall be

entitled to reimbursement for all business expenses incurred by the Executive with

respect to the business of the Employer in the same manner and to the same extent as

such expenses were previously reimbursed to the Executive immediately prior to the

Change in Control. If prior to the Change in Control, the Executive was entitled to the

use of an automobile, the Executive shall continue to be entitled to the same use of an

automobile at least comparable to the automobile provided to the Executive prior to the

Change in Control, and the Executive shall be entitled to vacation leave and sick days,

in accordance with the practices and procedures of the Employer, as such existed

immediately prior to the Change in Control. During the Contract Period, the

Executive also shall be entitled to hospital, health, medical and life insurance, and any

other material benefits enjoyed, from time to time, by executive officers of the

Employer, all upon terms as favorable as those enjoyed by other executive officers

of the Employer. Notwithstanding anything in this section to the contrary, if the

Employer adopts any change in the expenses allowed to, or fringe benefits provided

for, executive officers of the Employer, and such policy is uniformly applied to all

executive officers of the Employer, and any successor or acquirer of the Employer, if

any, including the Chief Executive Officer of such entities, then no such change in

policy shall be deemed to be a violation of this provision.

6. Disability. During the Contract Period, if the Executive becomes disabled within the

meaning of the Social Security Act, the Employer may terminate the Executive’s

employment; in which event, the Executive shall not be entitled to any further benefits

under this Agreement other than payments under any disability policy which the

Employer may maintain that covers the Executive.

7. Death Benefits. If the Executive passes away during the Contract Period, the Executive shall be entitled to the benefits of any life insurance policy or supplemental executive retirement plan paid for, or maintained by, the Employer on the life of the Executive. The Executive’s estate shall not be entitled to any further benefits under this Agreement.

8. Termination without Cause or Resignation for Good Reason.

a. The Employer may terminate the Executive without Cause during the Contract

Period by providing the Executive four weeks’ written notice prior to terminating

the Executive. During the Contract Period, the Executive may resign within ninety

(90) days following the initial occurrence of a condition constituting a Good

Reason upon giving four weeks' prior written notice to the Employer specifying

the condition constituting Good Reason. The date of termination of employment

for Good Reason shall be no later than twenty-four months following

commencement of the Contract Period. If the Employer terminates the

Executive's employment during the Contract Period without Cause or if the

Executive resigns for Good Reason, the Employer shall, upon such termination

of employment, pay the Executive a lump sum amount equal to 1.5 times the

average of the annualized compensation, comprised of annualized salary and

cash incentive or bonus compensation, paid or accrued to the Executive during

the thirty-six month period (or such lesser number of months of actual

employment) immediately prior to the Change in Control (the “Lump Sum

Payment”). Notwithstanding the foregoing, any notice of resignation for Good

Reason during the Contract Period furnished by the Executive to the Employer

shall not be effective prior to the date that is three months following the date of

the Change in Control, and the Executive shall continue to work through such

three-month period, unless the Employer shall agree in writing to an earlier

effective date of such resignation.

b. For a period of eighteen (18) months following the effective date of the

Executive’s termination of employment following a Change in Control, whether

resulting from Cause initiated by the Employer or for Good Reason initiated by

the Executive, the Employer shall continue to provide the Executive with and pay

the applicable premiums for medical and hospital insurance, disability insurance

and life insurance benefits, as were provided and paid for at the time of the

Executive’s termination of employment with the Employer; provided that, if at

any time during such eighteen (18) month period, the Executive becomes

employed by another employer which provides one or more such benefits, the

Employer shall, immediately, and from the date when such benefits are made

available to the Executive by the successor employer, be relieved of its obligation

to provide such benefits.

c. At all times, during the Contract Period, the Employer shall have the right to

terminate the Executive for Cause, upon written notice to the Executive of the

Executive’s termination, which notice shall specify the reasons for the

termination. In the event of the Executive’s termination for Cause, the Executive

shall not be entitled to any further benefits under this Agreement.

Notwithstanding the foregoing, if the Executive delivers written notice to the Employer of the Executive’s termination of employment for Good Reason, the Employer shall have a period of thirty (30) calendar days during which the Employer may remedy the condition constituting Good Reason and if such condition is remedied, the Employer shall not be required to pay the amount due to the Executive under this Section 8 and such termination of employment shall not

be effective.

9. Resignation without Good Reason. The Executive shall be entitled to resign from the

Employer’s employ at any time during the Contract Period without Good Reason, but

upon such resignation, the Executive shall not be entitled to any additional compensation for the time after which the Executive ceases to be employed by the Employer, and shall not be entitled to any other benefit provided for herein, except as may otherwise be provided by the terms of such other plans or arrangements of the Employer or in accordance with applicable law. No such resignation shall be effective unless in writing with four weeks' notice prior to such resignation provided to the Employer.

10. Restrictions and Limitations on Executive Conduct.

a. Non-Disclosure of Confidential Information. Except in the course of the

Executive’s employment with the Employer and in pursuit of the business of the

Company, the Bank or any of their respective subsidiaries or affiliates, the

Executive shall not, at any time during or following the Contract Period, disclose

or use for any purpose any Confidential Information. The Executive agrees that,

among other things, all information concerning the identity of, and the Company's

and the Bank's relations with, their respective customers is confidential and

proprietary information.

b. Covenant Not to Compete. The Executive agrees that for a period of twelve (12)

months following termination of Executive’s employment by the Employer in

conjunction with or after a Change in Control, the Executive shall not become

employed or retained by, directly or indirectly, any Federal Deposit Insurance

Corporation (“FDIC”) insured depository institution whereby the Executive shall

have a new work location that is within 15 miles of any branch or office of the

Bank in existence as of the date of the Change in Control. The Executive

acknowledges that the terms and conditions of this restrictive covenant are

reasonable and necessary to protect the Company, its subsidiaries, its affiliates,

and any successors in interest (collectively, the “Companies”), and that the

Employer's tender of compensation under this Agreement is fair, adequate and

valid consideration in exchange for the Executive’s promises and restrictions

under this Section 10(b). The Executive further acknowledges that the Executive’s

knowledge, skills and abilities are sufficient to permit the Executive to earn a

satisfactory livelihood without violating the provisions of this Section 10(b).

c. Non-Solicitation of Business. The Executive agrees that for a period of one (1)

year following termination of Executive’s employment with Employer in

conjunction with or after a Change in Control, the Executive shall not contact

(with a view toward selling any product or service competitive with any product

or service sold or proposed to be sold by the Companies) any person, firm,

association or corporation (i) to which the Companies sell any product or service,

(ii) which the Executive solicited, contacted or otherwise dealt with on behalf of

the Companies, or (iii) which the Executive is otherwise aware is a client, or could

be a potential customer, of one or all of the Companies. During such one-year

period, the Executive shall not directly or indirectly make any such contact, either

for Executive’s own benefit or for the benefit of any other person, firm,

association, or corporation.

d. Non-Solicitation of Employees. The Executive agrees that for a period of one (1)

year following termination of Executive’s employment with the Employer in

conjunction with or after a Change in Control, the Executive shall not contact, on

the Executive’s own behalf, or on behalf of others, employ, solicit, or induce, or

attempt to employ, solicit or induce, any employee of any of the Companies for

purposes of employment or other business relationships with any other business

entity, nor will the Executive directly or indirectly, on the Executive's behalf or

for others, seek to influence any Companies' employee to leave any of the

respective Companies’ employ.

e. Specific Performance and Survival. The Executive agrees that the Company and

the Bank do not have an adequate remedy at law for breach of this Section 10 and

agrees that the Executive shall be subject to injunctive relief and equitable

remedies as a result of any breach of this Section 10. This Section 10 shall survive

the termination or resignation of the Executive's employment with the Employer

during the Contract Period for any reason and the expiration of this Agreement.

f. No Effect Prior to Change in Control. This Agreement shall not, in any

respect, affect any rights of the Employer or the Executive prior to a Change in

Control, nor shall this Agreement affect or limit any rights of the Executive

granted in accordance with any other agreement, plan or arrangement. The

rights, duties and benefits provided hereunder shall only become effective upon

the occurrence of a Change in Control, as defined in this Agreement. If the

employment of the Executive is terminated by the Employer for any reason in

good faith prior to a Change in Control, this Agreement shall thereafter be of

no further force and effect.

11. Limitations under Section 280G. Notwithstanding the forgoing, all sums payable

hereunder shall be reduced in such manner and to such extent so that no such payments

made hereunder when aggregated with all other payments to be made to the Executive by the Company and the Bank shall be deemed an “excess parachute payment” in

accordance with Section 280G of the Code, and thereby subjecting the Executive to the

excise tax provided at Section 4999(a) of the Code.

12. Regulatory Matters. Notwithstanding anything herein to the contrary, any payments

made to the Executive pursuant to this Agreement, or otherwise, shall be subject to and

conditioned upon compliance with 12 U.S.C. § 1828(k) and FDIC Regulation 12CFR Part 359, Golden Parachute and Indemnification Payments promulgated thereunder.

13. Section 409A Compliance.

a. This Agreement shall be amended to the extent necessary to comply with Section

409A of the Code and regulations promulgated thereunder. Prior to such

amendment, and notwithstanding anything contained herein to the contrary, this

Agreement shall be construed in a manner consistent with Section 409A of the

Code and the parties shall take such actions as are required to comply in goodfaith with the provisions of Section 409A of the Code such that payments shall not

be made to the Executive at such time if such payments shall subject the

Executive to the penalty tax under Section 409A of the Code, but rather such

payments shall be made by the Bank to the Executive at the earliest time

permissible thereafter without the Executive incurring liability for such penalty

tax under Section 409A of the Code.

b. If and to the extent termination payments under this Agreement constitute

deferred compensation within the meaning of Section 409A of the Code and the

regulations promulgated thereunder, and if the payment under this Section 13 does

not qualify as a short-term deferral under Section 409A of the Code and Treas.

Reg. §1.409A-1(b)(4) (or any similar or successor provisions), and the Executive

is a Specified Employee within the meaning of Section 409A of the Code and the

regulations promulgated thereunder, then the payment of such termination

payments that constitute deferred compensation under Section 409A of the Code

shall comply with Section 409A(a)(2)(B)(i) of the Code and the regulations

thereunder, which generally provide that distributions of deferred compensation

(within the meaning of Section 409A of the Code) to a Specified Employee that

are payable on account of termination of employment may not commence prior to

the six (6) month anniversary of the Executive's termination of employment (or, if

earlier, the date of the Executive's death) from the Employer.

14. Release in Favor of the Company and Bank. In consideration for the compensation

received under Section 4 of this Agreement, the Executive shall deliver a general release to the Employer, substantially in form and content annexed hereto as Exhibit “A,” within fourteen (14) days after Executive’s receipt thereof.

15. At-Will Employment. Subject to the terms of this Agreement, the Parties acknowledge that Executive’s employment is and will continue to be at-will, as defined under applicable law, unless otherwise set forth in a written employment agreement between or among the applicable parties. If Executive’s employment terminates for any reason, Executive will not be entitled to any payments, benefits, damages, awards or

compensation other than as provided by this Agreement, or pursuant to the Company’s

policies in place at the time of the termination (to the extent applicable) and the payment

of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable

expenses.

16. Voluntary Nature of Agreement. The Parties acknowledge and agree that each Party is executing this Agreement voluntarily and without any duress or undue influence by

anyone. Executive further acknowledges and agrees that Executive carefully read this

Agreement and has asked any questions needed for Executive to understand the terms,

consequences, and binding effect of this Agreement and fully understands it. Executive

acknowledges that Executive has been provided an opportunity to seek the advice of an

attorney of Executive’s choice before signing this Agreement.

17. Headings. All captions and section headings used in this Agreement are for convenient

reference only and do not form a part of this Agreement.

18. Withholding. All payments made pursuant to this Agreement shall be subject to

withholding of applicable income, employment and other taxes.

19. Governing Law. The terms of this Agreement shall be governed by, and interpreted and construed in accordance with the provisions of, the laws of New Jersey and, to the extent applicable, Federal law, without regard to principles of its conflict of laws. Except as specifically set forth in this Agreement, this Agreement supersedes all prior agreements and understandings with respect to the matters covered hereby.

20. No Modification. The amendment or termination of this Agreement may be made only in

a writing executed by the Parties and no amendment or termination of this Agreement

shall be effective unless in writing.

21. Binding Agreement/Assignability. This Agreement shall be binding to the extent of its

applicability upon any successor (whether direct or indirect, by purchase, merger,

consolidation, liquidation or otherwise) to all or substantially all of the assets of the

Company or the Bank. This Agreement is personal to the Executive, and the Executive

may not assign any of Executive’s rights or duties hereunder, but this Agreement shall be enforceable by the Executive's legal representatives, executors or administrators.

22. Counterparts. This Agreement may be executed electronically and in two or more

counterparts, each of which shall be deemed an original, and it shall not be necessary in

making proof of this Agreement to produce or account for more than one such

counterpart.

23. Assumption. The Company or the Bank shall, as part of any Change in Control involving an acquiring entity or successor to the Company or the Bank, obtain an enforceable assumption in writing by the entity which is the acquiring entity or successor to the Company in the Change in Control

24. Severability. If any provision of this Agreement shall be held invalid, such invalidity

shall not affect any other provision of this Agreement not held so invalid, and all other

such provisions shall, to the full extent consistent with law, continue in full force and

effect. If any such provision shall be held invalid in part, such invalidity shall in no way

affect the rest of such provision not held so invalid, and the rest of such provision,

together with all other provisions of this Agreement, shall continue in full force and effect

to the full extent consistent with law.

25. Entire Agreement. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings among the Parties regarding the subject matter hereof.

(SIGNATURE PAGE FOLLOWS)

IN WITNESS WHEREOF, the Company and the Bank caused this Agreement to be

signed by their respective duly authorized representative and the Executive executed this Agreement, all as of the Effective Date.

ATTEST: PARKE BANCORP, INC.

________________________ ________________________

Vito S. Pantilione,

President and Chief Executive Officer

ATTEST: PARKE BANK

________________________ ________________________

Vito S. Pantilione,

President and Chief Executive Officer

WITNESS: EXECUTIVE

________________________ ________________________

Nicholas J. Pantilione

EXHIBIT A

RELEASE AGREEMENT

I, Nicholas J. Pantilione, understand and agree to the terms set forth in my Change in Control Severance Agreement (the “Agreement”) with Parke Bancorp, Inc. (the “Company”) and Park Bank (the “Bank”).

I understand that this Release Agreement (“Release”), together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement among the Company, the Bank and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company or the Bank that is not expressly stated herein.

I hereby confirm my obligations under the Agreement regarding Confidential Information, as that term is defined in the Agreement.

In consideration of the compensation I may receive under the Agreement, I hereby generally and completely release the Company, the Bank and their respective subsidiaries and/or affiliates and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to

events, acts, conduct, or omissions occurring prior to me signing this Release. This general release includes, but is not limited to: (a) all claims arising out of or in any way related to my employment with the Company and Bank, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company and Bank, including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company and Bank; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including, but not limited to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; (e) all federal, state, and local statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended); (f) any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds that I may receive

as a result of the Agreement; and (g) any and all claims for attorneys’ fees and costs.

I agree that this Release shall be and remain in effect in all respects as a complete general release as to the matters released. This Release does not extend to any obligations incurred under the Agreement. This Release does not release claims that cannot be released as a matter of law, including, but not limited to, my right to file a charge with or participate in a charge by the Equal

Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company and Bank (with the understanding that any such filing or participation does not give me the right to recover any monetary damages against the Company and Bank; my release of claims herein bars me from recovering such monetary relief from the Company and

Bank).

I hereby represent that I have been paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to me, and I have not suffered any on-the-job injury for which I have not already filed a claim.

I acknowledge that to become effective, I must sign and return this Release to the Company and Bank so that it is received not later than fourteen (14) days following the date it is provided to me.

_________________________________ DATE: _______________________

Nicholas J. Pantilione

Document

PARKE BANCORP, INC.

Stock Trading Policy

A. Section 10(b) of the Exchange Act and Rule 10b-5: the Anti-Fraud Rule. Section 10(b) of

the Exchange Act makes it illegal "[t]o use or employ, in connection with the purchase or sale of

any security registered on a national securities exchange or any security not so registered, any

manipulative or deceptive device or contrivance in contravention of such rules and regulations as the [SEC] may prescribe ...."

The SEC has issued Rule 10b-5 pursuant to Section 10(b). Although Rule 10b-5 is simply

stated, it is one of the most important of all securities regulations because it applies to every

purchase and sale of securities so that no investor or issuer is exempt. Unlike Section 16(b) "shortswing" profit rule, which just applies to officers, directors, and 10% stockholders of companies registered under Section 12 of the Exchange Act, Rule 10b-5 applies to all persons. Awards for damages in litigation can be extremely costly. Rule 10b-5 states:

It shall be unlawful for any person, directly or indirectly, using any means or

instrumentality of interstate commerce, or of the mails, or of any facility of any

national securities exchange,

a. To employ any device, scheme, or artifice to defraud,

b. To make any untrue statement of a material fact or to omit to

state a material fact necessary to make the statements made, in

the light of the circumstances under which they were made, not

misleading, or

c. To engage in any act, practice, or course of business which

operates or would operate as a fraud or deceit upon any

person, in connection with the purchase or sale of any

security.

Among the activities prohibited by Rule 10b-5 is trading on the basis of material nonpublic

information related to the Company. "Material" information is information that a reasonable

investor would consider important in reaching an investment decision (i.e., the investor would

attach actual significance to the information in making deliberations, such as information

regarding an anticipated merger, an acquisition or tender offer, or a not yet disclosed quarterly or annual earnings report).

Rule 10b-5 is broader than Section 16(b) restriction on trading by officers, directors, and 10%

stockholders within six months. Rule 10b-5 applies regardless of how long the stock has been

held and it applies to "any person." It is premised upon the unfairness of permitting a party with

material nonpublic information to use that information to the party's advantage in trading without

disclosure to all shareholders. However, simple possession of nonpublic information does not in

itself create a duty to disclose or abstain from trading. The fiduciary duty arises from a specific

relationship between the party with nonpublic information and the shareholders, which relationship has permitted the party to gain access to information intended for corporate purposes only. Such a relationship obviously exists when the party is a director or officer or other high-level executive. Such a relationship may also exist when the insider passes on material nonpublic information to a third party who is not in a fiduciary relationship with the shareholders. In such circumstances, the "tippee" (one who has received the information) will have a duty to disclose or abstain from trading if and only if the disclosure to the tippee by the

"tipper" was a breach of the tipper's fiduciary duty to the shareholders. The test of a breach of fiduciary duty by the tipper is whether the tipper personally benefitted directly or indirectly from the disclosure. If the tipper breached the tipper's fiduciary duty and the tippee knew or should have known of the breach,the tippee assumes a fiduciary duty to the shareholders not to trade on material nonpublic information. However, some courts have utilized broader rules in finding tippee liability for insider trading, even when there was not a direct breach of fiduciary duty by the tipper.

Under Rule 10b-5, it would be illegal for an officer or a director of the Company, upon

acquiring material nonpublic information, to go into the market and trade on the basis of that

information. Consequently, directors and officers should refrain from trading in the Common

Stock at any time when they have information that might be deemed material to the business or

operations of the Company until such information has been made available to the public.

Accordingly, it is frequently advisable to widely release any information of interest to investors

(i.e., by issuing press releases, filing Forms 8-K, notifying any broker or exchange making a

market in the stock and wire services, etc.) so that the information is available to the public and is no longer only inside information. Furthermore, a reasonable amount of time must pass to allow the information to be disseminated after the release of information by the Company. It is important to note that information which may not appear to be of great significance at one point in time may take on considerable importance when viewed with the "wisdom" of hindsight.

In addition, before making any purchase or sale of Common Stock, a director or officer should

verify that there is no information about the Company that would be material to an investor, and

which has not been released to the public.

Furthermore, following the release of information, directors and officers should not trade in

the Company’s Common Stock until sufficient time has elapsed for the information to be

disseminated and for investors to evaluate the news. For larger corporations a day or two will

probably be sufficient, while smaller corporations, like Parke Bancorp, Inc., probably should wait

at least 48 hours after the dissemination of the information to the media before commencing any

trading.

It is important to remember that the above restrictions also apply to trading by family members

or close associates of officers and directors who may be presumed to have preferential access to information.

B. Insider Trading and Disclosure of Material Nonpublic Information. The most recurring

and difficult problems arising from federal securities laws are those concerning the release of

material information to the public. This area is troublesome for several reasons. First, problems

regarding public disclosure of information will arise and cannot be avoided by officers and

directors who simply refrain from trading in the Common Stock because the obligation to

disclose exists independently of any individual stock transactions. Second, there are few specific rules to follow. Decisions regarding the release of information demand the exercise of

management's judgment in applying general rules to a particular factual context. Third, decisions must be made quickly. Trading is ongoing, and the failure to act may be equivalent to

nondisclosure.

Under SEC rules and policies, the Bank has an obligation to disclose promptly to the public,

by issuing a press release, any material information that may affect the value of the stock or

influence investors' decisions. The information that is disclosed must be accurate, complete, and

must not be misleading. In this regard, the SEC has stated that if a company releases favorable

information, it must also reveal existing adverse information or possibly face liability under the

anti-fraud provisions of the Exchange Act.

It is extremely important that the Company establish internal policies governing the manner of

disclosure of information. The responsibility for the release of information must be clearly

defined and those who may be in possession of material, nonpublic information must be

cautioned that they must maintain the confidentiality of the information and not take it upon

themselves to release such information. Anyone who may be in possession of undisclosed

material information should further be cautioned to avoid selective disclosure (i.e., the release of

material information to any person such as a friend, business associate, or financial

analyst) when such information has not been released to the public. If the tipper has benefitted

directly or indirectly from such disclosure, the tipper will be liable for the breach of the tipper's

fiduciary duty to the shareholders. Similarly, if the tipper has breached the tipper's fiduciary

duty and the tippee knew or should have known of the breach, the tippee will also be liable for

trading based upon the insider information.

C. Liability. Any breach of the foregoing requirements may expose Parke Bancorp, Inc. and officers, directors, or other insiders involved, on an individual basis, to severe adverse consequences, including the imposition of an injunction and monetary damages (which may well exceed any gain realized), suspension of trading in the Bank's stock and, in egregious cases, possible criminal sanctions. Furthermore, any appearance of impropriety could impair investor confidence in the Company. Considerable care should be taken to avoid even inadvertent violations.

Many of the requirements and prohibitions listed above are individual responsibilities of

directors, officers, large shareholders and, in some cases, others associated with or privy to inside information about the Parke Bancorp, Inc. However, even with respect to the Company's

obligations, it is recognized that corporations act through their officials. In some cases, the courts and the SEC have used theories of conspiracy as well as aiding and abetting to impose liability on individual members of management for causing or permitting corporate misconduct

Document

PARKE BANCORP, INC.

INCENTIVE-BASED COMPENSATION RECOVERY POLICY

EFFECTIVE OCTOBER 2, 2023

1. Policy Purpose. The purpose of this Parke Bancorp, Inc. (the “Company”) Incentive-Based Compensation Recovery Policy (this “Policy”) is to enable the Company to recover Erroneously Awarded Compensation in the event that the Company is required to prepare an Accounting Restatement. This Policy is intended to comply with the requirements set forth in Listing Rule 5608 of the corporate governance rules of The NASDAQ Stock Market (the “Listing Rule”) and shall be construed and interpreted in accordance with such intent. Unless otherwise defined in this Policy, capitalized terms shall have the meaning ascribed to such terms in Section 7.

2. Policy Administration. This Policy shall be administered by the Compensation Committee of the Board (the “Committee”) unless the Board determines to administer this Policy itself. The Committee has full and final authority to make all determinations under this Policy, in each case to the extent permitted under the Listing Rule and in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code. All determinations and decisions made by the Committee pursuant to the provisions of this Policy shall be final, conclusive and binding on all persons, including the Company, its affiliates, its stockholders and Executive Officers. Any action or inaction by the Committee with respect to an Executive Officer under this Policy in no way limits the Committee’s actions or decisions not to act with respect to any other Executive Officer under this Policy or under any similar policy, agreement or arrangement, nor shall any such action or inaction serve as a waiver of any rights the Company may have against any Executive Officer other than as set forth in this Policy.

3. Policy Application. This Policy applies to all Incentive-Based Compensation received on or after October 2, 2023, by a person: (a) after beginning service as an Executive Officer; (b) who served as an Executive Officer at any time during the performance period for such Incentive-Based Compensation; (c) while the Company had a class of securities listed on a national securities exchange or a national securities association; and (d) during the three completed fiscal years immediately preceding the Accounting Restatement Date. In addition to such last three completed fiscal years, the immediately preceding clause (d) includes any transition period that results from a change in the Company’s fiscal year within or immediately following such three completed fiscal years; provided, however, that a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to twelve months shall be deemed a completed fiscal year. For purposes of this Section 3, Incentive-Based Compensation is deemed received in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of the Incentive-Based Compensation occurs after the end of that period. For the avoidance of doubt, Incentive-Based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered received when the relevant Financial Reporting Measure is achieved, even if the Incentive-Based Compensation continues to be subject to the service-based vesting condition.

4. Policy Recovery Requirement. In the event of an Accounting Restatement, the Company must recover, reasonably promptly, Erroneously Awarded Compensation, in amounts determined pursuant to this Policy. The Company’s obligation to recover Erroneously Awarded Compensation is not dependent on if or when the Company files restated financial statements. Recovery under this Policy with respect to an Executive Officer shall not require the finding of

any misconduct by such Executive Officer or such Executive Officer being found responsible for the accounting error leading to an Accounting Restatement. In the event of an Accounting Restatement, the Company shall satisfy the Company’s obligations under this Policy to recover any amount owed from any applicable Executive Officer by exercising its sole and absolute discretion in how to accomplish such recovery, to the extent permitted under the Listing Rule and in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code. The Company’s recovery obligation pursuant to this Section 4 shall not apply to the extent that the Committee, or in the absence of the Committee, a majority of the independent directors serving on the Board, determines that such recovery would be impracticable and:

a. The direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Company must make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to recover, and provide that documentation to the Stock Exchange;

b. Recovery would violate home country law where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Company must obtain an opinion of home country counsel, acceptable to the Stock Exchange, that recovery would result in such a violation, and must provide such opinion to the Stock Exchange; or

c. Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the registrant, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Code.

5. Policy Prohibition on Indemnification and Insurance Reimbursement. The Company is prohibited from indemnifying any Executive Officer or former Executive Officer against the loss of Erroneously Awarded Compensation. Further, the Company is prohibited from paying or reimbursing an Executive Officer for purchasing insurance to cover any such loss.

6. Required Policy-Related Filings. The Company shall file all disclosures with respect to this Policy in accordance with the requirements of the federal securities laws, including disclosures required by U.S. Securities and Exchange Commission filings.

7. Definitions.

a. “Accounting Restatement” means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

b. “Accounting Restatement Date” means the earlier to occur of: (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if the Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; and (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

c. “Board” means the board of directors of the Company.

d. “Code” means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code or regulation thereunder includes such section or regulation, any valid regulation or other official guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

e. “Erroneously Awarded Compensation” means, in the event of an Accounting Restatement, the amount of Incentive-Based Compensation previously received that exceeds the amount of Incentive-Based Compensation that otherwise would have been received had it been determined based on the restated amounts in such Accounting Restatement, and must be computed without regard to any taxes paid by the relevant Executive Officer; provided, however, that for Incentive-Based Compensation based on stock price or total stockholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement: (i) the amount of Erroneously Awarded Compensation must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total stockholder return upon which the Incentive-Based Compensation was received; and (ii) the Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to the Stock Exchange.

f. “Executive Officer” means the Company’s president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company. An executive officer of the Company’s parent or subsidiary is deemed an “Executive Officer” if the executive officer performs such policy making functions for the Company.

g. “Financial Reporting Measure” means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measure that is derived wholly or in part from such measure; provided, however, that a Financial Reporting Measure is not required to be presented within the Company’s financial statements or included in a filing with the U.S. Securities and Exchange Commission to qualify as a “Financial Reporting Measure.” For purposes of this Policy, “Financial Reporting Measure” includes, but is not limited to, stock price and total stockholder return.

h. “Incentive-Based Compensation” means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

i. “Stock Exchange” means the national stock exchange on which the Company’s common stock is listed.

8. Acknowledgement. Each Executive Officer shall sign and return to the Company, within 30 calendar days following the later of (i) the effective date of this Policy first set forth above or (ii) the date the individual becomes an Executive Officer, the Acknowledgement Form attached hereto as Exhibit A, pursuant to which the Executive Officer agrees to be bound by, and to comply with, the terms and conditions of this Policy.

9. Severability. The provisions in this Policy are intended to be applied to the fullest extent of the law. To the extent that any provision of this Policy is found to be unenforceable or invalid under any applicable law, such provision shall be applied to the maximum extent permitted, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.

10. Amendment; Termination. The Board may amend, modify, supplement, rescind or replace all or any portion of this Policy at any time and from time to time in its discretion, and shall amend this Policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company’s securities are listed. The Board may terminate this Policy at any time.

11. Other Recovery Obligations; General Rights. To the extent that the application of this Policy would provide for recovery of Incentive-Based Compensation that the Company recovers pursuant to Section 304 of the Sarbanes-Oxley Act or other recovery obligations, the amount the relevant Executive Officer has already reimbursed the Company will be credited to the required recovery under this Policy. This Policy shall not limit the rights of the Company to take any other actions or pursue other remedies that the Company may deem appropriate under the circumstances and under applicable law, in each case to the extent permitted under the Listing Rule and in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code. Nothing contained in this Policy shall limit the Company’s ability to seek recoupment, in appropriate circumstances (including circumstances beyond the scope of this Policy) and as permitted by applicable law, of any amounts from any individual, in each case to the extent permitted under the Listing Rule and in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code.

12. Successors. This Policy is binding and enforceable against all Executive Officers and their beneficiaries, heirs, executors, administrators or other legal representatives.

13. Exhibit Filing Requirement. A copy of this Policy and any amendments thereto shall be filed as an exhibit to the Company’s annual report on Form 10-K filed in accordance with the Company’s reporting obligation under the Securities and Exchange Act of 1934, as amended.

14. Governing Law; Venue. This Policy and all rights and obligations hereunder are governed by and construed in accordance with the internal laws of the State of New Jersey, excluding any choice of law rules or principles that may direct the application of the laws of another jurisdiction. All actions arising out of or relating to this Policy shall be heard and determined exclusively in the Superior Court of the State of New Jersey or, if such court declines to exercise jurisdiction or if subject matter jurisdiction over the matter that is the subject of any such legal action or proceeding is vested exclusively in the U.S. federal courts, the U.S. District Court for the District of New Jersey.

EXHIBIT A

PARKE BANCORP, INC.

INCENTIVE-BASED COMPENSATION RECOVERY POLICY

ACKNOWLEDGEMENT FORM

By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy of the Parke Bancorp, Inc. (the “Company”) Incentive-Based Compensation Recovery Policy (as it may be amended, restated, supplemented or otherwise modified from time to time (the “Policy”). Capitalized terms used but not otherwise defined in this Acknowledgement Form shall have the meanings ascribed to such terms in the Policy.

By signing this Acknowledgement Form, the undersigned further acknowledges and agrees that:

• the undersigned is and will continue to be subject to the Policy;

• the Policy will apply both during and after the undersigned’s employment with the     Company;

• in the event of any inconsistency between the Policy and the terms of any employment or indemnification agreement to which the undersigned is a party, or the terms of any compensation plan, program or agreement under which any compensation has been granted, awarded, earned or paid, the terms of the Policy shall govern, and all such agreements, plans and programs shall be deemed to have incorporated the terms of this Policy, as applicable;

• the undersigned will abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation to the Company to the extent required by, and in a manner permitted by, the Policy; and

• the Policy shall be binding and enforceable against the undersigned and the undersigned’s beneficiaries, heirs, executors, administrators and other legal representatives.

EXECUTIVE OFFICER

____________________________

Signature

_____________________________

Print Name