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

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

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

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest event reported): October 15, 2008</B>

<P style="font-size: 24pt" align="center"><B>PMC COMMERCIAL TRUST</B><BR>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>TEXAS</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-13610</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>75-6446078</B></TD>
 </TR>
 <TR valign="top">
  <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>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>17950 Preston Road, Suite 600,<BR>Dallas, TX</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>75252</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(972) 349-3200</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>None</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</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">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<DIV
style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

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

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;1.01 Entry into a
Material Definitive Agreement.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">On October&nbsp;15,
2008, Andrew S. Rosemore, Executive Vice President and Chief Operating Officer
of PMC Commercial Trust (the &#8220;Company&#8221;) resigned his positions as
an officer and employee of the Company. On October&nbsp;15, 2008, the Company
entered into a Separation Agreement and General Release (&#8220;Separation
Agreement&#8221;) with Dr.&nbsp;Rosemore. A copy of the Separation Agreement is
filed as Exhibit&nbsp;10.1 to this Current Report. The description of the
Separation Agreement is qualified in its entirety by reference to the full text
of Exhibit&nbsp;10.1.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The Separation
Agreement provides that effective as of October&nbsp;15, 2008,
Dr.&nbsp;Rosemore&#8217;s employment as an officer and employee of the Company
and all of its subsidiaries, affiliates and related entities shall be
separated. Pursuant to the Separation Agreement, the Company has agreed to pay
Dr.&nbsp;Rosemore one lump sum payment in the gross amount of $1,388,000 on the
date that is six months and one day after the effective date of the Separation
Agreement, subject to applicable taxes and lawful deductions. The Company has
further agreed to continue, to the same extent provided to Dr. Rosemore upon
the termination of his employment, health and dental insurance coverage for
Dr.&nbsp;Rosemore and his dependents for a period ending on the earlier of
(1)&nbsp;the termination of his Consulting Agreement (as hereinafter defined)
as a result of his breach of the confidentiality provisions therein;
(2)&nbsp;his 66<SUP>th</SUP> birthday; (3)&nbsp;the date he obtains health and
dental insurance coverage through subsequent employment or work; or
(4)&nbsp;the date the Company elects to no longer provide health and/or dental
coverage for its executives or reimbursement for such coverage (in any form,
including a stipend or compensatory salary increase). Dr.&nbsp;Rosemore&#8217;s
stock options and restricted shares, if any, shall be governed by the terms and
conditions of the applicable plans governing such stock options and restricted
shares.

<P style="font-size: 10pt; text-indent: 4%" align="justify">Pursuant to the
terms of the Separation Agreement each of Dr.&nbsp;Rosemore and the Company
waived any right to sue the other and released the other from any and all
claims, whether known or unknown, which in any way arise out of Dr.
Rosemore&#8217;s employment with the Company, the separation of that
employment, any agreements between the Company and Dr. Rosemore or based on any
other set of facts or events occurring prior to the effective date of the
Separation Agreement.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The Separation
Agreement will become effective upon the eighth day after Dr.&nbsp;Rosemore
signs the Separation Agreement unless he cancels it prior thereto. In the event
that Dr.&nbsp;Rosemore elects to cancel the Separation Agreement, the Company
will have no obligation to pay him or provide him with the compensation or
benefits provided thereby; provided, any such revocation shall not constitute a
waiver of any provision of his Executive Employment Contract (filed as
Exhibit&nbsp;10.2 to the Company&#8217;s Quarterly Report on Form 10-Q for the
quarterly period ended June&nbsp;30, 2007).

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;2.05 Costs Associated
with Exit or Disposal Activities.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">On October&nbsp;15,
2008, the Company reduced its workforce by approximately 25%. The decision to
reduce employment is part of the Company&#8217;s cost reduction initiatives.
The Company estimates that this reduction in work force will result in one-time
charges of approximately $1.8&nbsp;million (including the one lump sum payment
to Dr.&nbsp;Rosemore of $1,388,000 described in Item&nbsp;1.01 above) of which
approximately $1.6&nbsp;million will be recorded in the third quarter of 2008
and approximately $0.2&nbsp;million to be recorded in the fourth quarter of
2008.

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

<P style="font-size: 10pt; text-indent: 4%" align="justify">On October&nbsp;15,
2008, the Company announced that Roy H. Greenberg resigned from the
Company&#8217;s Board of Trust Managers effective as of October&nbsp;15, 2008.
Mr.&nbsp;Greenberg does not have any disputes with the Company.


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

<P style="display: none; font-size: 10pt" align="center">2
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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt; text-indent: 4%" align="justify">On October&nbsp;15,
2008, the Company announced that Andrew S. Rosemore, Executive Vice President,
Chief Operating Officer and a Trust Manager of the Company resigned all
positions held with the Company effective October&nbsp;15, 2008.
Dr.&nbsp;Rosemore does not have any disputes with the Company. To facilitate a
smooth transition of his responsibilities, Dr.&nbsp;Rosemore will continue to
serve as a consultant for the Company pursuant to a consulting agreement
(&#8220;Consulting Agreement&#8221;), which is attached hereto as
Exhibit&nbsp;99.1 and is incorporated herein by reference. The description of
the Consulting Agreement is qualified in its entirety by reference to the full
text of Exhibit&nbsp;99.1.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The Consulting
Agreement has an initial term of one year and thereafter is automatically
renewed month-to-month unless either party provides notice of non-renewal at
least thirty days prior to the end of the applicable renewal term. During the
term of the Consulting Agreement, Dr.&nbsp;Rosemore will assist the Company
with such duties as are reasonably assigned to him, including, without
limitation, loan origination and underwriting support, site visits and loan
committee participation, as well as other transition services and input as may
be requested by the President, any Executive Vice President or the Board of
Trust Managers of the Company or their designee. Dr.&nbsp;Rosemore will provide
approximately 500 hours of consulting services to the Company per year.

<P style="font-size: 10pt; text-indent: 4%" align="justify">For his services
rendered to the Company, Dr.&nbsp;Rosemore will be paid $4,166.67 per month
with the first payment being pro rated and made on October&nbsp;31, 2008.

<P style="font-size: 10pt; text-indent: 4%" align="justify">Effective
October&nbsp;15, 2008, Jan F. Salit, 58, Executive Vice President, Chief
Investment Officer and Assistant Secretary of the Company, has been appointed
as the Company&#8217;s Chief Operating Officer. Mr.&nbsp;Salit has been
Executive Vice President of the Company since June&nbsp;1993, and Chief
Investment Officer and Assistant Secretary since January&nbsp;1994.
Mr.&nbsp;Salit is currently a party to an Executive Employment Contract with
the Company (filed as Exhibit&nbsp;10.2 to the Company&#8217;s Quarterly Report
on Form 10-Q for the quarterly period ended June&nbsp;30, 2008).

<P style="font-size: 10pt; text-indent: 4%" align="justify">Effective
October&nbsp;15, 2008, Barry N. Berlin, 48, Chief Financial Officer of the
Company, has been appointed Executive Vice President. Mr.&nbsp;Berlin has been
Chief Financial Officer of the Company since June&nbsp;1993. Mr.&nbsp;Berlin is
currently a party to an Executive Employment Contract with the Company (filed
as Exhibit&nbsp;10.1 to the Company&#8217;s Quarterly Report on Form 10-Q for
the quarterly period ended June&nbsp;30, 2008).

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;7.01 Regulation&nbsp;FD
Disclosure.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">On October&nbsp;15,
2008, the Company issued a press release announcing its reduction in work
force, the resignation of Andrew S. Rosemore and the adoption of a share
repurchase program. The press release is furnished as Exhibit&nbsp;99.2 hereto.
&nbsp;

<P style="font-size: 10pt; text-indent: 4%" align="justify">The information
disclosed under this Item&nbsp;7.01, including Exhibit&nbsp;99.2 hereto, is
being furnished and shall not be deemed &#8220;filed&#8221; for purposes of
Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the
&#8220;Exchange Act&#8221;) or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such a filing.

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

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">


 <TR>
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>

 <TR valign="top">
  <TD nowrap align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="justify">Separation Agreement and General Release dated October&nbsp;15, 2008 between the Company and Andrew S. Rosemore</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD nowrap align="left">99.1</TD>
  <TD>&nbsp;</TD>
  <TD align="justify">Consulting Agreement dated October&nbsp;15, 2008 between the Company and Andrew S. Rosemore</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD nowrap align="left">99.2</TD>
  <TD>&nbsp;</TD>
  <TD align="justify">Press Release dated October&nbsp;15, 2008</TD>
 </TR>
</TABLE>

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

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

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<DIV style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

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

<P style="font-size: 10pt" align="justify">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 style="font-size: 10pt" align="justify">Date: October&nbsp;20, 2008


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">


 <TR>
  <TD width="50%">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="47%">&nbsp;</TD>
 </TR>

 <TR valign="top">
  <TD>&nbsp;</TD>
  <TD colspan="2" nowrap align="left"><B>PMC COMMERCIAL TRUST</B></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD>&nbsp;</TD>
  <TD nowrap align="left">By: </TD>
  <TD align="left" style="border-bottom: 1px solid #000000">/s/ Barry N. Berlin</TD>
</TR>

 <TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Barry N. Berlin, Chief Financial Officer<BR>
and Executive Vice President</TD>
</TR>
</TABLE>



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

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



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<DIV style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">



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


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">


 <TR>
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>


 <TR valign="bottom">
  <TD align="left" style="border-bottom: 1px solid #000000"><B>Exhibit<BR>Number</B></TD>
  <TD>&nbsp;</TD>
  <TD align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

 <TR valign="top">
  <TD nowrap align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="justify">Separation Agreement and General Release dated October&nbsp;15, 2008 between the Company and Andrew S. Rosemore</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD nowrap align="left">99.1</TD>
  <TD>&nbsp;</TD>
  <TD align="justify">Consulting Agreement dated October&nbsp;15, 2008 between the Company and Andrew S. Rosemore</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD nowrap align="left">99.2</TD>
  <TD>&nbsp;</TD>
  <TD align="justify">Press Release dated October&nbsp;15, 2008</TD>
 </TR>
</TABLE>

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

<P style="display: none; font-size: 10pt" align="center">5
</DIV>

</BODY>
</HTML>
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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": "081130794"}, "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): October 15, 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 1.01 Entry into a
Material Definitive Agreement.
On October 15,
2008, Andrew S. Rosemore, Executive Vice President and Chief Operating Officer
of PMC Commercial Trust (the "Company") resigned his positions as
an officer and employee of the Company. On October 15, 2008, the Company
entered into a Separation Agreement and General Release ("Separation
Agreement") with Dr. Rosemore. A copy of the Separation Agreement is
filed as Exhibit 10.1 to this Current Report. The description of the
Separation Agreement is qualified in its entirety by reference to the full text
of Exhibit 10.1.
The Separation
Agreement provides that effective as of October 15, 2008,
Dr. Rosemore's employment as an officer and employee of the Company
and all of its subsidiaries, affiliates and related entities shall be
separated. Pursuant to the Separation Agreement, the Company has agreed to pay
Dr. Rosemore one lump sum payment in the gross amount of $1,388,000 on the
date that is six months and one day after the effective date of the Separation
Agreement, subject to applicable taxes and lawful deductions. The Company has
further agreed to continue, to the same extent provided to Dr. Rosemore upon
the termination of his employment, health and dental insurance coverage for
Dr. Rosemore and his dependents for a period ending on the earlier of
(1) the termination of his Consulting Agreement (as hereinafter defined)
as a result of his breach of the confidentiality provisions therein;
(2) his 66
th
birthday; (3) the date he obtains health and
dental insurance coverage through subsequent employment or work; or
(4) the date the Company elects to no longer provide health and/or dental
coverage for its executives or reimbursement for such coverage (in any form,
including a stipend or compensatory salary increase). Dr. Rosemore's
stock options and restricted shares, if any, shall be governed by the terms and
conditions of the applicable plans governing such stock options and restricted
shares.
Pursuant to the
terms of the Separation Agreement each of Dr. Rosemore and the Company
waived any right to sue the other and released the other from any and all
claims, whether known or unknown, which in any way arise out of Dr.
Rosemore's employment with the Company, the separation of that
employment, any agreements between the Company and Dr. Rosemore or based on any
other set of facts or events occurring prior to the effective date of the
Separation Agreement.
The Separation
Agreement will become effective upon the eighth day after Dr. Rosemore
signs the Separation Agreement unless he cancels it prior thereto. In the event
that Dr. Rosemore elects to cancel the Separation Agreement, the Company
will have no obligation to pay him or provide him with the compensation or
benefits provided thereby; provided, any such revocation shall not constitute a
waiver of any provision of his Executive Employment Contract (filed as
Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the
quarterly period ended June 30, 2007).
Item 2.05 Costs Associated
with Exit or Disposal Activities.
On October 15,
2008, the Company reduced its workforce by approximately 25%. The decision to
reduce employment is part of the Company's cost reduction initiatives.
The Company estimates that this reduction in work force will result in one-time
charges of approximately $1.8 million (including the one lump sum payment
to Dr. Rosemore of $1,388,000 described in Item 1.01 above) of which
approximately $1.6 million will be recorded in the third quarter of 2008
and approximately $0.2 million to be recorded in the fourth quarter of
2008.
Item 5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On October 15,
2008, the Company announced that Roy H. Greenberg resigned from the
Company's Board of Trust Managers effective as of October 15, 2008.
Mr. Greenberg does not have any disputes with the Company.
On October 15,
2008, the Company announced that Andrew S. Rosemore, Executive Vice President,
Chief Operating Officer and a Trust Manager of the Company resigned all
positions held with the Company effective October 15, 2008.
Dr. Rosemore does not have any disputes with the Company. To facilitate a
smooth transition of his responsibilities, Dr. Rosemore will continue to
serve as a consultant for the Company pursuant to a consulting agreement
("Consulting Agreement"), which is attached hereto as
Exhibit 99.1 and is incorporated herein by reference. The description of
the Consulting Agreement is qualified in its entirety by reference to the full
text of Exhibit 99.1.
The Consulting
Agreement has an initial term of one year and thereafter is automatically
renewed month-to-month unless either party provides notice of non-renewal at
least thirty days prior to the end of the applicable renewal term. During the
term of the Consulting Agreement, Dr. Rosemore will assist the Company
with such duties as are reasonably assigned to him, including, without
limitation, loan origination and underwriting support, site visits and loan
committee participation, as well as other transition services and input as may
be requested by the President, any Executive Vice President or the Board of
Trust Managers of the Company or their designee. Dr. Rosemore will provide
approximately 500 hours of consulting services to the Company per year.
For his services
rendered to the Company, Dr. Rosemore will be paid $4,166.67 per month
with the first payment being pro rated and made on October 31, 2008.
Effective
October 15, 2008, Jan F. Salit, 58, Executive Vice President, Chief
Investment Officer and Assistant Secretary of the Company, has been appointed
as the Company's Chief Operating Officer. Mr. Salit has been
Executive Vice President of the Company since June 1993, and Chief
Investment Officer and Assistant Secretary since January 1994.
Mr. Salit is currently a party to an Executive Employment Contract with
the Company (filed as Exhibit 10.2 to the Company's Quarterly Report
on Form 10-Q for the quarterly period ended June 30, 2008).
Effective
October 15, 2008, Barry N. Berlin, 48, Chief Financial Officer of the
Company, has been appointed Executive Vice President. Mr. Berlin has been
Chief Financial Officer of the Company since June 1993. Mr. Berlin is
currently a party to an Executive Employment Contract with the Company (filed
as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for
the quarterly period ended June 30, 2008).
Item 7.01 Regulation FD
Disclosure.
On October 15,
2008, the Company issued a press release announcing its reduction in work
force, the resignation of Andrew S. Rosemore and the adoption of a share
repurchase program. The press release is furnished as Exhibit 99.2 hereto.
The information
disclosed under this Item 7.01, including Exhibit 99.2 hereto, is
being furnished and shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such a filing.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits
10.1
Separation Agreement and General Release dated October 15, 2008 between the Company and Andrew S. Rosemore
99.1
Consulting Agreement dated October 15, 2008 between the Company and Andrew S. Rosemore
99.2
Press Release dated October 15, 2008
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: October 20, 2008
PMC COMMERCIAL TRUST
By:
/s/ Barry N. Berlin
Barry N. Berlin, Chief Financial Officer
and Executive Vice President
EXHIBIT INDEX
Exhibit
Number
Description
10.1
Separation Agreement and General Release dated October 15, 2008 between the Company and Andrew S. Rosemore
99.1
Consulting Agreement dated October 15, 2008 between the Company and Andrew S. Rosemore
99.2
Press Release dated October 15, 2008