ITEM 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 22, 2009, the Board of Directors (the "Board") of Berkshire Bancorp
Inc. (the "Company"), upon the determination and recommendation of the
independent members of the Board, approved the granting of bonuses for the 2008
fiscal year to Messrs. Steven Rosenberg, President and CEO of the Company, Moses
Krausz, President and CEO of the Company's wholly-owned subsidiary, The
Berkshire Bank (the "Bank"), and David Lukens, Executive Vice President and CFO
of the Bank, in the amounts of $30,000, $150,000 and $30,000 respectively, and
set the salary of Mr. Rosenberg for the 2009 fiscal year at $241,500.
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