8-K 1 pacommerce8k.htm PENNSYLVANIA COMMERCE BANCORP, INC. pacommerce8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 

Date of Report (Date of earliest event reported) February 28, 2008 (February 22, 2008)   

Pennsylvania Commerce Bancorp, Inc.
(Exact name of registrant as specified in its charter)

Pennsylvania
000-50961
25-1834776
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)

3801 Paxton Street, Harrisburg, Pennsylvania
17111
(Address of principal executive offices)
(Zip Code)


Registrant’s telephone number, including area code
 (717) 412-6301

 
N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 5.02 Departure of directors or certain officers; election of directors; appointment of certain officers; compensatory arrangements of certain officers.

On February 22, 2008, the Board of Directors of Pennsylvania Commerce Bancorp, Inc. (the “Company”) ratified the following items approved by the Company’s Compensation Committee:


● 2007 cash bonus and stock option grants for the Company’s Chief Executive Officer, Chief Financial Officer and Named Executive Officers:

Name
Title
  
Cash Bonus
    
Stock Options Grants1
  
Gary L. Nalbandian
Chairman, President and Chief Executive Officer
   $ 50,000       32,000  
Mark A. Zody
Executive Vice President and Chief Financial Officer
   $ 20,000       11,000  
Rory G. Ritrievi
Executive Vice President and Chief Lending Officer
   $ 20,000       12,000  
James R. Ridd
Chief Credit Officer
   $ 10,000       3,500  
D. Scott Huggins
Senior Vice President and Chief Risk Officer
   $ 10,000       3,500  
 
1 Grants made pursuant to the Company’s 2006 Employee Stock Option Plan at an exercise price of $27.00, the market price on the date of grant.


● 2008 Base Salaries for the Company’s Chief Executive Officer, Chief Financial Officer and Named Executive Officers:

Name
Title
  
Base Salary
  
Gary L. Nalbandian
Chairman, President and Chief Executive Officer
   $ 395,000  
Mark A. Zody
Executive Vice President and Chief Financial Officer
   $ 210,000  
Rory G. Ritrievi
Executive Vice President and Chief Lending Officer
   $ 240,000  
James R. Ridd
Chief Credit Officer
   $ 170,000  
D. Scott Huggins
Senior Vice President and Chief Risk Officer
   $ 150,000  
 
 

SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
Pennsylvania Commerce Bancorp, Inc.
 
-----------------------------------------------
 
(Registrant)
   
   
Date: February 28, 2008
/s/ Mark A. Zody
 
-----------------------------------------------
 
Mark A. Zody
 
Chief Financial Officer