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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): December 18, 2008</B>

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<P align="center" style="font-size: 24pt"><B>PMC COMMERCIAL TRUST<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD style="border-bottom: 1px solid #000000"><B>TEXAS</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>1-13610</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>75-6446078</B></TD>
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    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>17950 Preston Road, Suite 600, Dallas, TX</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>75252</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(972) 349-3200</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">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:

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<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers;
Compensatory Arrangements of Certain Officers.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">On December&nbsp;18, 2008, the employment contracts of our executive officers, Lance B. Rosemore, Jan F. Salit and
Barry N. Berlin, were amended to include provisions applicable to Section&nbsp;409A of the Internal Revenue Code of 1986, as
amended.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>


<P align="left" style="font-size: 10pt">99.1 Form of Amendment to Executive Employment Contract

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<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>


<P align="left" style="font-size: 10pt">Pursuant to the requirements of Section&nbsp;13 or 15 (d)&nbsp;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.


<P align="left" style="font-size: 10pt">Date: December&nbsp;18, 2008



<P align="left" style="margin-left:485%; font-size: 10pt"><B>PMC COMMERCIAL TRUST</B>



<P align="left" style="margin-left:48%; font-size: 10pt">By: <U>/s/ Barry N. Berlin </U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barry N. Berlin, Chief Financial Officer<BR>

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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>



<P align="left" style="font-size: 10pt">99.1 Form of Amendment to Executive Employment Contract


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4




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{"company-data": {"conformed-name": "PMC COMMERCIAL TRUST /TX", "cik": "0000908311", "assigned-sic": "6798", "irs-number": "756446078", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13610", "film-number": "081256970"}, "business-address": {"street1": "17950 PRESTON RD", "street2": "SUITE 600", "city": "DALLAS", "state": "TX", "zip": "75252", "phone": "972-349-3200"}, "mail-address": {"street1": "17950 PRESTON RD", "street2": "SUITE 600", "city": "DALLAS", "state": "TX", "zip": "75252"}}
Filed by Bowne Pure Compliance
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): December 18, 2008
PMC COMMERCIAL TRUST
(Exact name of registrant as specified in its charter)
TEXAS
1-13610
75-6446078
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
17950 Preston Road, Suite 600, Dallas, TX
75252
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(972) 349-3200
NONE
(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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
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 Principal Officers; Election of Directors; Appointment of Principal Officers;
Compensatory Arrangements of Certain Officers.
On December 18, 2008, the employment contracts of our executive officers, Lance B. Rosemore, Jan F. Salit and
Barry N. Berlin, were amended to include provisions applicable to Section 409A of the Internal Revenue Code of 1986, as
amended.
Item 9.01 Financial Statements and Exhibits.
99.1 Form of Amendment to Executive Employment Contract
SIGNATURE
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.
Date: December 18, 2008
PMC COMMERCIAL TRUST
By:
/s/ Barry N. Berlin
Barry N. Berlin, Chief Financial Officer
EXHIBIT INDEX
99.1 Form of Amendment to Executive Employment Contract