EX-10.9





 Exhibit 10.9 

OP BANCORP 
 RESTRICTED
STOCK UNIT AGREEMENT 
 This Restricted Stock Unit Agreement (this “Agreement”) is made and entered
into as of                          (the “Grant Date”) by and between OP Bancorp, a California
corporation (the “Company”), and
                                         
                (the “Grantee”). 

WHEREAS, the Company has adopted the 2010 Equity Incentive Plan (the “Plan”) pursuant to which awards
of Restricted Stock Units may be granted; and 
 WHEREAS, the Committee has determined that it is in the best
interests of the Company and its shareholders to grant the award of Restricted Stock Units provided for herein. 
 NOW,
THEREFORE, the parties hereto, intending to be legally bound, agree as follows: 

1.      Grant of Restricted Stock Units. 

1.1        Pursuant to Section 9 of the Plan, the Company
hereby issues to the Grantee on the Grant Date an Award consisting of, in the aggregate,
                                 Restricted Stock Units (the “Restricted
Stock Units”). Each Restricted Stock Unit represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement and the Plan. Capitalized terms that are used but not defined herein have
the meaning ascribed to them in the Plan. 
 1.2      The Restricted Stock Units shall be
credited to a separate account maintained for the Grantee on the books and records of the Company (the “Account”). All amounts credited to the Account shall continue for all purposes to be part of the general assets of the Company.

 2.      Consideration. The grant of the Restricted Stock Units is made in
consideration of the services to be rendered by the Grantee to the Company. 

3.      Vesting. 

3.1        Except as otherwise provided herein, provided that the Grantee remains in
Service through the applicable vesting date, and further provided that performance goals set forth herein have been satisfied         % of the Restricted Stock Units will vest on
                                     (commencing with
                            ,
20            ) of each year if the Company’s Net Income for the period completed the prior year ended December 31 (“Target Year”) exceeds either the Net
Income budget for the Target Year, or with the approval of the Board of Directors and Chief Executive Officer         % of the Net Income budget for the Target Year, until such time as all the
Restricted Stock Units have vested or otherwise have been forfeited to Company under the terms of this Agreement. The Board of Directors shall approve the Net Income budget for each Target Year no later than March 30 of such Target Year. 

Once vested, the Restricted Stock Units become “Vested Units.” 

3.2        The foregoing vesting schedule notwithstanding, (a) if the
Grantee’s Service terminates for any reason other than death or Disability at any time before all of his or her Restricted Stock Units have vested, the Grantee’s unvested Restricted Stock Units shall be automatically forfeited upon such
termination of Service and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement; (b) if the Grantee’s Service terminates as a result of the Grantee’s death or Disability, 100% of
the unvested Restricted Stock Units shall vest as of the date of such termination; and (c) upon the occurrence of a Change in Control, 100% of the unvested Restricted Stock Units shall vest as of the date of the Change in Control. 

  
 1 













 4.      Restrictions. Subject to any
exceptions set forth in this Agreement or the Plan, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to assign,
alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Grantee and
all of the Grantee’s rights to such units shall immediately terminate without any payment or consideration by the Company. 

5.      Rights as Shareholder; Dividend Equivalents. 

5.1        The Grantee shall not have any rights of a shareholder with respect to the
shares of Common Stock underlying the Restricted Stock Units unless and until the Restricted Stock Units vest and are settled by the issuance of such shares of Common Stock. 

5.2        Upon and following the settlement of the Restricted Stock Units, the
Grantee shall be the record owner of the shares of Common Stock underlying the Restricted Stock Units unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company
(including voting rights). 
 6.      Settlement of Restricted Stock Units. Subject to
Section 9 hereof, promptly following the vesting date and in any event no later than 30 days thereafter, the Company shall (a) issue and deliver to the Grantee the number of shares of Common Stock equal to the number
of Vested Units; and (b) enter the Grantee’s name on the books of the Company as the shareholder of record with respect to the shares of Common Stock delivered to the Grantee. 

7.      No Right to Continued Service. Neither the Plan nor this Agreement shall confer
upon the Grantee any right to be retained in any position, as an Employee or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Grantee’s Service at
any time, with or without Cause. 
 8.      Adjustments. If any change is made to the
outstanding Common Stock or the capital structure of the Company, if required, the Restricted Stock Units shall be adjusted or terminated in any manner as contemplated by Section 4.2. 

9.      Tax Liability and Withholding. 

9.1        The Grantee shall be required to pay to the Company, and the Company shall
have the right to deduct from any compensation paid to the Grantee pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to
satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: 

(a)        tendering a cash payment. 

(b)        authorizing the Company to withhold shares of Common Stock from the shares
of Common Stock otherwise issuable or deliverable to the Grantee as a result of the vesting of the Restricted Stock Units; provided, however, that no shares of Common Stock shall be withheld with a value exceeding the minimum amount of tax required
to be withheld by law. 

  
 2 













 (c)        delivering to the
Company previously owned and unencumbered shares of Common Stock. 

9.2        Notwithstanding any action the Company takes with respect to any or all
income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related
Items in connection with the grant, vesting or settlement of the Restricted Stock Units or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Stock Units to reduce or eliminate the Grantee’s liability
for Tax-Related Items. 
 10.      Compliance with
Law. The issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock
exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully
complied with to the satisfaction of the Company and its counsel. 
 11.      Notices.
Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Secretary of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Grantee under
this Agreement shall be in writing and addressed to the Grantee at the Grantee’s address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time
to time. 
 12.      Governing Law. This Agreement will be construed and interpreted in
accordance with the laws of the State of California without regard to conflict of law principles. 

13.      Interpretation. Any dispute regarding the interpretation of this Agreement shall
be submitted by the Grantee or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Grantee and the Company. 

14.      Restricted Stock Units Subject to Plan. This Agreement is subject to the Plan as
approved by the Company’s shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a
term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

15.      Successors and Assigns. The Company may assign any of its rights under this
Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Grantee and the Grantee’s
beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock Units may be transferred by will or the laws of descent or distribution. 

16.      Severability. The invalidity or unenforceability of any provision of the Plan or
this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law. 

  
 3 













 17.      Discretionary Nature of Plan.
The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Restricted Stock Units in this Agreement does not create any contractual right or other right to receive any
Restricted Stock Units or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and
conditions of the Grantee’s employment with the Company. 
 18.      Amendment.
The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Stock Units, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Grantee’s material rights under this Agreement
without the Grantee’s consent. 
 19.      Section 409A. This Agreement is
intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the
Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of
any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A of the Code. Notwithstanding Section 11 of the Plan, a Transaction
shall not be treated as a Change in Control unless it also (i) constitutes a “change in the ownership of a corporation,” a “change in the effective control of a corporation,” or a “change in the ownership of a
substantial portion of the assets of a corporation” as those phrases are used in Treasury Regulation section 1.409A-3(i)(5) and (ii) the Award constitutes a “deferral of compensation” that
is not exempt from Section 409A of the Code.” 
 20.      No Impact on Other
Benefits. The value of the Grantee’s Restricted Stock Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit. 

21.      Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any
other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

22.      Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and
this Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts the Restricted Stock Units subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges that there may be
adverse tax consequences upon the vesting or settlement of the Restricted Stock Units or disposition of the underlying shares and that the Grantee has been advised to consult a tax advisor prior to such vesting, settlement or disposition. 

[SIGNATURE PAGE FOLLOWS] 

  
 4 













 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written. 
  

			
	 OP BANCORP

a California corporation



 
			
		
	 By:
	 	 


 
			
	 Name:
	 	 


 
			
	 Title:
	 	 


 
			
		
	 	 	
		
		 	


 
			
	 By:
	 	 


 
			
	 Name:
	 	 



  
 S-1