Document:

a6143700ex10-1.htm

    Exhibit
10.1

     

    EMPLOYMENT
AGREEMENT

     

    THIS AGREEMENT is made this
13th day of January, 2010 between Center Financial Corporation (“Center
Financial”), a California Corporation; Center Bank (the “Bank”), a California
banking corporation (collectively referred to as the “Company” unless the
context otherwise requires); both having their principal place of business at
3435 Wilshire Boulevard, California 90010; and Jae Whan Yoo (“Executive”), whose
residence address is [intentionally omitted].

     

    W
I T N E S S E T H

     

    WHEREAS, the Executive has
been employed by the Company effective January 16, 2007 pursuant to an
Employment Agreement which term is to expire on January 15, 2010;

     

    WHEREAS, Company desires to
continue to avail itself of the skill, knowledge and experience of Executive in
order to insure the successful management of its business;

     

    WHEREAS, the parties hereto
desire to specify the terms controlling Executive’s continued employment by the
Company;

     

    NOW, THEREFORE, in
consideration of the mutual covenants hereinafter set forth, and intending to be
legally bound, it is agreed that from and after January 16, 2010 (the “Effective
Date”), the following terms and conditions shall apply to Executive’s said
employment:

     

    A. TERM OF
EMPLOYMENT

     

    The
Company hereby employs Executive and Executive hereby accepts employment with
the Company for the period of three (3) years (the “Term”) commencing with
the Effective Date, subject, however, to prior termination of this Agreement as
hereinafter provided. Where used herein, “Term” shall refer to the entire period
of employment of Executive by the Company hereunder, whether for the period
provided above, or whether terminated earlier as hereinafter
provided.

     

    B. DUTIES OF
EXECUTIVE

     

    1. Duties. Executive shall
perform the duties of President and Chief Executive Officer of Center Financial
and the Bank, subject to the powers by law vested in the Boards of Directors of
Center Financial and the Bank and in Center Financial’s shareholders. Executive
shall also serve as a member of the Boards of Directors of both Center Financial
and the Bank throughout the Term. During the Term, Executive shall perform
exclusively the services herein contemplated to be performed by Executive
faithfully, diligently and to the best of Executive’s ability, consistent with
the highest and best standards of the banking industry and in compliance with
all applicable laws and the Articles of Incorporation, Bylaws and internal
written policies of Center Financial and/or the Bank.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    2. Conflicts of Interest. Except
as permitted by the prior written consent of the Company’s Board of Directors,
Executive shall devote Executive’s entire productive time, ability and attention
to the business of the Company during the Term and Executive shall not directly
or indirectly render any services of a business, commercial or professional
nature, to any other person, firm or corporation, whether for compensation or
otherwise, which are in conflict with the Company’s interests. Notwithstanding
the foregoing, Executive may make investments of a passive nature in any
business or venture, provided that either (i) such business or venture is not in
competition, directly or indirectly, in any manner with the Company; or (ii) if
such business or venture is in competition, directly or indirectly, in any
manner with the Company, the amount of such investment does not exceed one
percent (1%) of the issued and outstanding shares or one percent
(1%) of the equity interest in such business or venture.

     

    C. COMPENSATION

     

    For
Executive’s services hereunder, the Company shall pay or cause to be paid as
annual base salary to Executive the sum of Three Hundred Thousand Dollars
($300,000) for the first year of the Term, with annual increases thereafter
based on the Consumer Price Index of the Bureau of Labor Statistics of the
Department of Labor for all urban consumers of the Los Angeles metropolitan
area, but in no event to exceed seven percent (7%) per year. Said salary
shall be payable in equal installments in conformity with the Company’s normal
payroll period.

     

    D. EXECUTIVE
BENEFITS

     

    1. Vacation. Executive shall be
entitled to three (3) weeks vacation during each year of the Term;
provided, however, that for each year of the Term, Executive is required to and
shall take at least two (2) weeks of said vacation (the “Mandatory
Vacation”), which shall be taken consecutively. Accrual of any unused vacation
shall be determined in accordance with the Company’s Personnel Policy as in
effect from time to time and shall be subject to any limitations set forth
therein.

     

    2. Group Medical and Life Insurance
Benefits. The Company shall provide for Executive and his dependents, at
the Company’s expense, group health and other insurance benefits in accordance
with the Company’s Employee Handbook as in effect from time to time. Said
coverage shall be in existence or shall take effect as of the Effective Date
hereof and shall continue throughout the Term. Provision of the insurance is
subject to Executive’s passing the necessary physical examinations for
qualification, if required, and to applicable waiting periods imposed by the
Company’s insurance carrier, if any.

     

    3. Automobile. The Company shall
provide Executive, for Executive’s sole use, a suitable full-sized automobile,
the make of which shall be determined by mutual agreement. The Company shall pay
all operating expenses with regard to such automobile, provided Executive
furnishes to the Company adequate records and other documentary evidence
required by federal and state statutes and regulations issued by the appropriate
taxing authorities for the substantiation of such payments as deductible
business expenses of the Company and not as deductible compensation to
Executive. The Company shall also procure and maintain in force an automobile
liability insurance policy on such automobile, containing all reasonable and
necessary coverage.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    4. Restricted Stock Awards. The Company
agrees to grant to Executive, effective January 15, 2010 (“Grant Date”) (or as
soon thereafter as is permissible consistent with the Company’s Insider Trading
Policy), restricted stock awards (RSAs) with an aggregate award value of
$150,000 as of the Grant Date.  The number of shares shall be
determined based on the closing price of the Company’s common stock on the Grant
Date and based on such further terms and conditions as shall be contained in
Restricted Stock Award Agreements to be entered into by and between Company and
Executive pursuant to the terms of Center Financial’s 2006 Stock Incentive Plan.
Such RSAs shall vest 50% as of the second anniversary date from the Grant Date
and the remaining 50% will vest as of the third anniversary date from the Grant
Date, subject to the Executive receiving satisfactory annual performance review
each year. The Company agrees that such RSAs and the vesting schedule will be in
compliance with the Emergency Economic Stabilization Act of 2008 (“EESA”), as
amended by the American Recovery and Reinvestment Act of 2009.

     

    5. Club Memberships. The Company
agrees to pay Executive’s membership dues in the Mountaingate Country Club, of
which Executive is currently a member. In addition, Executive shall be provided
with membership(s) in such other club(s) as may be approved by the Board of
Directors. The Company agrees to pay all expenses reasonable and necessary in
connection with the maintenance and utilization of said memberships for business
related purposes by Executive throughout the Term.

     

    E. REIMBURSEMENT FOR BUSINESS
EXPENSES

     

    Executive
shall be entitled to reimbursement by the Company for any ordinary and necessary
business expenses incurred by Executive in the performance of Executive’s duties
and in acting for the Company during the Term, which types of expenditures shall
be determined by the Board of Directors, provided that:

     

    (a) Each
such expenditure is of a nature qualifying it as a proper deduction on the
federal and state income tax returns of the Company as a business expense and
not as deductible compensation to Executive; and

     

    (b)
Executive furnishes to the Company adequate records and other documentary
evidence required by federal and state statutes and regulations issued by the
appropriate taxing authorities for the substantiation of such expenditures as
deductible business expenses of the Company and not as deductible compensation
to Executive.

     

    F. TERMINATION

    

    1. Termination with or for Cause.
The Company may terminate this Agreement at any time by action of the Board of
Directors, if Executive (i) engages in illegal activity which materially
adversely affects the Company’s reputation in the community or which evidences
the lack of Executive’s fitness or ability to perform Executive’s duty as
determined by the Board of Directors in good faith; (ii) Executive has
committed any illegal or dishonest act which would cause termination of coverage
under the Company’s Bankers’ Blanket Bond as to Executive, as distinguished from
termination of coverage as to the Company as a whole; (iii) Executive
materially fails to perform, or habitually neglects, Executive’s duties or
commits a material act of malfeasance or misfeasance in connection therewith;
(iv) Executive engages in the falsification of reports or material,
intentional misrepresentation or omission of information supplied to the Company
or to regulatory agencies; or (v) an action is commenced by any bank
regulatory agency having jurisdiction, to remove or suspend Executive from
office, or a cease and desist order under 12 U.S.C. 1818(b) or any similar
Federal or state statute is issued against Executive or the Company which calls
for Executive’s suspension or removal from office. In the event the Company
terminates this Agreement for cause as provided herein, Executive shall not be
eligible for any severance benefits otherwise contemplated by this Agreement.
Such termination shall not prejudice any remedy which the Company may have at
law, in equity, or under this Agreement.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    2. Death or Disability. In the
event of Executive’s death or if Executive is found to be physically or mentally
disabled (as hereinafter defined) by the Board of Directors in good faith, this
Agreement shall terminate without any further liability or obligation by the
Company to Executive.

     

    For
purposes of this Agreement only, physical or mental disability shall be defined
as Executive being unable to fully perform under this Agreement for a continuous
period of ninety (90) days or a cumulative period of one-hundred eighty
(180) days in any calendar year, provided Executive has exhausted any leave
time made available to him under applicable disability laws. If there should be
a dispute between the Company and Executive as to Executive’s physical or mental
disability for purposes of this Agreement, the question shall be settled by the
opinion of an impartial reputable physician or psychiatrist agreed upon by the
parties or their representatives, or if the parties cannot agree within ten
(10) days after a request for designation of such party, then by a
physician or psychiatrist designated by the Los Angeles County Medical
Association. The certification of such physician or psychiatrist as to the
question in dispute shall be final and binding upon the parties
hereto.

     

    3. Action by Supervisory
Authority. If the Bank is closed by or taken over by the California
Department of Financial Institutions or other supervisory authority, including
the Federal Deposit Insurance Corporation, such bank supervisory authority may
immediately terminate this Agreement without further liability or obligation by
the Company to Executive.

    

    4. Change in Control. In the
event of: (i) the acquisition of more than fifty percent (50%) of the
value or voting power of the Bank’s or Center Financial’s stock by a person or
group; (ii) the acquisition in a period of twelve (12) months or less
of at least thirty-five percent (35%) of the Bank’s or Center Financial’s
stock by a person or group; (iii) the replacement of a majority of the
Bank’s or Center Financial’s board of directors in a period of twelve
(12) months or less by directors who were not endorsed by a majority of the
current board members; or (iv) the acquisition in a period of twelve
(12) months or less of forty percent (40%) or more of the Bank’s or
Center Financial’s assets by an unrelated entity (collectively, a “change in
control”), this Agreement shall not be automatically terminated, and the
surviving entity shall be bound by all of the provisions of the Agreement,
subject to the Company’s right to terminate this Agreement under Paragraph
F.5.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    Notwithstanding
the preceding paragraph, if the Bank or Center Financial is not the surviving
entity in any transaction contemplated above and said transaction is in any
manner the result of any suggestion or order of the Department of Financial
Institutions, the Federal Reserve Board or the FDIC, then, in such event, this
Agreement shall terminate immediately upon the consummation of such transaction
and Executive agrees that all rights, duties and obligations and benefits herein
conferred shall thereupon terminate and that Executive shall be entitled to no
further compensation or benefits from the Company other than as required by
applicable law. If Executive is considered a “specified employee” (as defined by
Section 409A of the Code and regulations promulgated thereunder) at the time of
any voluntary termination of employment pursuant to this Paragraph F.4, then any
payment made upon such termination, if any, may not commence earlier than six
(6) months after the date of such termination. In such event, any payments which
would otherwise be made to Executive within the first six (6) months following
Executive’s termination of employment under this Paragraph F.4 shall be
accumulated and paid to Executive in a lump sum on the first day of the seventh
month following such termination. All subsequent distributions shall be paid in
the manner specified.

     

    5. Termination Without Cause.
Notwithstanding anything to the contrary contained herein, it is agreed by the
parties hereto that the Company may at any time and for any reason terminate
this Agreement and Executive’s employment by the Company by action of the Board
of Directors. Such termination shall be effective immediately upon the giving of
notice to Executive from the Company, and all benefits provided by the Company
hereunder to Executive shall thereupon cease, except as required by applicable
law.

     

    6. Golden Parachute Limitation.
To the extent applicable, severance compensation under Paragraph F. 4 or F.5
hereof will be reduced as provided below to avoid the penalties imposed on
“parachute payments” under the Code and other applicable
regulations.

     

    (a) If
the present value of all Executive’s severance compensation provided by the
Company under Paragraph F.4 or F.5 hereof and outside this Agreement is high
enough to cause any such payment to be a “parachute payment” (as defined in
Section 280G(b)(2) of the Code), then one or more of such payments will be
reduced by the minimum amount required to prevent the severance compensation
under this Agreement from being a “parachute payment.”

     

    (b) If
the Bank is formally designated as a “troubled” institution for the purposes of
Part 359 of the FDIC Rules and Regulations, Executive shall not be entitled to
receive any “golden parachute payment” or “excess nondiscriminatory severance”
plan payment, unless the Bank files an application pursuant to sections 303.244
and 359.6 of the FDIC Rules and Regulations to obtain the consent of the
FDIC.  The terms “golden parachute payment” and “excess nondiscriminatory
severance” are defined in sections 359.1(f)(1) and (f)(2)(v) of the FDIC Rules
and Regulations.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

       

    

    (c)
Executive may direct the Company regarding the order of reducing severance
compensation and other payments from the Company to comply with this Paragraph
F.6.

    

    7. Effect of Termination. In the
event of the termination of this Agreement for any reason, Executive shall be
entitled to the salary earned by Executive prior to the date of termination as
provided for in this Agreement computed pro rata up to and including that date;
but Executive shall be entitled to no further compensation after the date of
termination, except as provided in Paragraph F.4 and F.5 above. Executive
further agrees that in the event of termination for any reason, he shall resign
from the Boards of Directors of Center Financial and the Bank on the effective
date of the termination of this Agreement. Notwithstanding the foregoing,
however, in the event this Agreement is terminated due to non-renewal, Executive
shall be entitled to his bonus earned for the 2012 fiscal year, to be paid as
soon as practicable after completion of the audit of the Company’s financial
statements for that year.

     

    G. GENERAL
PROVISIONS

     

    1. Trade Secrets. During the
Term, Executive will have access to and will become acquainted with what
Executive and the Company acknowledge are trade secrets, to wit, knowledge or
data concerning the Company, including its operations and methods of doing
business, and the identity of customers of the Company, including knowledge of
their financial condition and their financial needs. Executive shall execute a
Confidentiality Agreement in substantially the form of the Confidentiality
Agreement attached hereto as Exhibit “A” concurrently with Executive’s execution
of this Agreement. Executive acknowledges that a breach of the Confidentiality
Agreement shall constitute a material breach of this Agreement as defined in
Paragraph F.1 herein.

     

    2. Indemnification. To the extent
permitted by law, applicable statutes and the Bylaws or resolutions of the Bank
and Center Financial as in effect from time to time, the Company shall indemnify
Executive against liability or loss arising out of Executive’s actual or
asserted misfeasance or non-feasance in the performance of Executive’s duties or
out of any actual or asserted wrongful act against, or by, the Company including
but not limited to judgments, fines, settlements and expenses incurred in the
defense of actions, proceedings and appeals therefrom. However, the Company
shall have no duty to indemnify Executive with respect to any claim, issue or
matter as to which Executive has been adjudged to be liable to the Company in
the performance of his duties, unless and only to the extent that the court or
arbitrator in which or in front of which such action was brought shall determine
upon application that, in view of all of the circumstances of the case,
Executive is fairly and reasonably entitled to indemnification for the expenses
which such court or arbitrator shall determine. The Company shall endeavor to
keep in force Directors and Officers Liability Insurance to indemnify and insure
the Company and Executive from and against the aforesaid liabilities. The
provisions of this paragraph shall apply to the estate, executor, administrator,
heirs, legatees or devisees of Executive.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

       

    

    3. Return of Documents. Executive
expressly agrees that all manuals, documents, files, reports, studies,
instruments or other materials used and/or developed by Executive during the
Term are solely the property of the Company, and that Executive has no right,
title or interest therein. Upon termination of this Agreement, Executive or
Executive’s representative shall promptly deliver possession of all of said
property to the Company in good condition.

     

    4. Arbitration. Any claim or
controversy between the parties which the parties are unable to resolve
themselves, including any claim arising out of Executive’s employment or the
termination of that employment, and including any claim arising out of,
connected with, or related to the formation, interpretation, performance or
breach of any provision of this Agreement, and any claim or dispute as to
whether a claim is subject to arbitration, shall be submitted to and resolved
exclusively by final and binding arbitration pursuant to the terms of a Mutual
Agreement to Arbitrate Claims which Executive and Company shall execute
concurrently herewith and which is attached hereto as Exhibit “B”.

     

    5. Notices. All notices, demands
or other communications hereunder shall be in writing and shall be delivered in
person (professional courier acceptable); or by United States mail, certified or
registered, postage prepaid, with return receipt requested; or by facsimile
transmission; or otherwise actually delivered, to the addresses for the parties
appearing at the inception of this Agreement. The persons or addresses to which
mailings or deliveries shall be made may change from time to time by notice
given pursuant to the provisions of this Paragraph G.5. Any notice, demand or
other communication given pursuant to this Agreement shall be deemed to have
been given on the date actually delivered, if delivered in person, three days
following the date mailed, if delivered by U.S. mail, or upon written
confirmation of transmission, if delivered by facsimile.

     

    6. Review by Counsel. Executive
represents and warrants to the Company that he has had this Agreement reviewed
by independent legal counsel of his choice, or if he has not, that he has had
the opportunity to do so, and hereby waives any claim, objection or defense on
the grounds that this Agreement has not been reviewed by legal counsel of his
choice.

     

    7. California Law. The laws of
the State of California and, where applicable, the rules and regulations of the
California Department of Financial Institutions, the Federal Deposit Insurance
Corporation, the Federal Reserve Board or any other regulatory agency or
governmental authority having jurisdiction over Center Financial or the Bank,
shall govern the validity, interpretation, construction and effect of
Agreement.

     

    8. Captions and Paragraph
Headings. Captions and paragraph headings used herein are for convenience
only and are not a part of this Agreement and shall not be used in construing
it.

     

    9. Invalid Provisions. Should any
provision of this Agreement for any reason be declared invalid, void, or
unenforceable by an arbitrator in any proceeding under Section G.4, the validity
and binding effect of any remaining portion shall not be affected, and the
remaining portions of this Agreement shall remain in full force and effect as if
this Agreement had been executed with said provision eliminated.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

       

    

    10. Entire Agreement. This
Agreement contains the entire agreement of the parties. It supersedes any and
all other agreements, either oral or in writing, between the parties hereto with
respect to the employment of Executive by the Company, with the exception of the
salary continuation and stock option agreements referred to herein. Each party
to this Agreement acknowledges that no representations, inducements, promises,
or agreements, oral or otherwise, have been made by any party, or anyone acting
on behalf of any party, which are not embodied herein, and that no other
agreement, statement, or promise not contained in this Agreement shall be valid
or binding. This Agreement may not be modified or amended by oral agreement, but
only by an agreement in writing signed by the Company, the Bank and
Executive.

    

    11. Receipt of Agreement. Each of
the parties hereto acknowledges that he has read this Agreement in its entirety
and does hereby acknowledge receipt of a fully executed copy thereof. A fully
executed copy shall be an original for all purposes, and is a duplicate
original.

    

    12. TARP
Obligations.  As of the Effective Date of this Agreement, the
Company is subject to certain obligations and limitations resulting from its
participation in the United States Treasury’s Capital Purchase Program (“TARP
Obligations”).  It is the intention of the Company and the Executive
that this Agreement be in strict compliance with the TARP
Obligations.  Any provision in this Agreement which turns out to be,
or is determined to be, in violation of the TARP Obligations shall be void and
of no force and effect.  In the event the Company repays its
outstanding TARP Obligations during the term of this Agreement, the Company
shall, in its sole and absolute discretion, reconsider certain provisions of
this Agreement on a going-forward basis.

     

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

    

    
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
              CENTER
      FINANCIAL CORPORATION

            
	 
      	 
      	 
      
	
              Dated:
      January 13, 2010

            	 
      	
              By:

            	 
      	
               /s/
      Jin Chul Jhung

            
	 
      	 
      	 
      	 
      	
              Jin
      Chul Jhung

              Chairman
      of the Board

            
	 
      	 
      
	 
      	 
      	
              CENTER
      BANK

            
	 
      	 
      	 
      
	
              Dated:
      January 13, 2010

            	 
      	
              By:

            	 
      	
              /s/
      Jin Chul Jhung

            
	 
      	 
      	 
      	 
      	
              Jin
      Chul Jhung

              Chairman
      of the Board

            
	 
      	 
      	 
      
	
              Dated:
      January 13, 2010

            	 
      	 
      	 
      	
              /s/
      Jae Whan Yoo

            
	 
      	 
      	 
      	 
      	
              Jae
      Whan Yoo

            

    

     

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

       

    

    EXHIBIT
“A”

    

    CONFIDENTIALITY
AGREEMENT

     

    As an
employee of Center Bank and/or Center Financial Corporation (collectively the
“Company”), I understand that the business in which the Company is engaged is
highly competitive and that I will be given access to and become acquainted with
Confidential Information (as defined below). I also understand that maintaining
the confidentiality of all such information is critically important to the
Company. Therefore, in consideration of my employment or continued employment
with the Company, I agree as follows:

     

    1. “Confidential Information”
Defined. Confidential Information includes but is not limited to any and
all information disclosed to or known by me as a consequence of my employment
with the Company which is not generally known outside the Company about the
Company’s business. Such information includes, without limitation, information
about its Customers (as defined in Paragraph 2), Customer identities, Customer
accounts, Customer information, Customer financial needs, Customer reports and
Customer finances, the Company’s marketing and sales strategies and plans,
financial and personal information about the Company personnel, finances, its
operations, employees, accounting and audit practices, billing rates and
methods, and any and all information entrusted to the Company in confidence by
third parties, and any and all information defined as “Trade Secrets” under the
Uniform Trade Secrets Act. Confidential Information may be contained in written
materials, in verbal communications, in my unwritten knowledge and in the
unwritten knowledge of other employees, and/or in any other tangible medium of
expression. Confidential Information includes any such information which is
obtained from the Company’s subsidiaries, affiliates and/or its Customers or
employees.

     

    2. “Customer” Defined. As used
throughout this Confidentiality Agreement, “Customer” includes: (1) anyone
who has been a Customer of the Company since I joined the Company or who becomes
a Customer of the Company during the period of time during which I am employed
by the Company, and (2) any prospective Customer to whom the Company has
made a proposal (or similar offering of services) within a period of six
(6) months prior to the termination of my employment at the
Company.

     

    3. No Disclosure. I agree to hold
in strictest confidence and not to disclose to any business, firm, entity or
person, either directly or indirectly, any and all Confidential Information as
defined in Paragraph 1. I agree that all such Confidential Information is trade
secret and is and shall remain the property of the Company. By way of example
but not limitation, such Confidential Information shall not be used by me for
any purpose not related to the business interests of the Company, nor shall I
disclose any such information for reasons not related to the business interests
of the Company, even in the course of casual discussions, to any person or
entity, whether during the term
of my employment at the Company or thereafter. If at any time I become
aware of any unauthorized use, disclosure or communication of such Confidential
Information, I agree to immediately inform management of the Company of such
use, disclosure or communication. The terms of this paragraph are in addition
to, and not in lieu of, any common law, statutory, contractual or other
obligations that I may have.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

       

    

    4. No Solicitation of Employees.
I agree that, during my employment I have been provided with trade secret
information about the Company employees. Such information includes, but is not
limited to, information as to their qualifications, job duties, salaries,
 

    performance
history and the marketing opportunities these employees present for a firm such
as the Company. I agree that that for a period of one (1) year after the
termination of my employment, whether voluntary or involuntary, I will not
solicit, entice, encourage, attempt or cause, directly or indirectly, any
employee to leave the employment of the Company using any Confidential
Information which I have received while employed at the Company.

     

    5. No Solicitation of Customers.
I agree that during my employment by the Company, I have been provided with
trade secret information about Customers of the Company. Such information
includes but is not limited to information about Customer identities, Customer
accounts, Customer accountancy history, Customer financial needs, Customer
reports and Customer finances. I agree that for a period of one (1) year
after the termination of my employment, whether voluntary or involuntary, I will
not solicit or attempt to solicit, either for myself or for any other person,
firm or corporation, any of the Company’s Customers using any Confidential
Information which I have received while employed at the Company.

     

    6. No Removal of Confidential
Information. I agree that I shall not remove, reproduce, summarize or
copy any Confidential Information except as expressly required by the Company in
order to enable me to perform my duties. I agree to return immediately to the
Company all Confidential Information in my possession or control, including
duplicates, when I leave its employ or whenever management may otherwise require
that such Confidential Information be returned.

     

    7. Injunctive Relief. I
acknowledge that this Confidentiality Agreement is necessary and reasonable to
protect the Company’ Confidential Information and good will and, further, that a
breach or threatened breach of any provision of this Confidentiality Agreement
by me or at my direction will cause great and irreparable harm to the Company
for which it shall have no adequate remedy at law. Therefore, in addition to any
other rights and remedies the Company may have, I agree that the Company, shall
be entitled to obtain injunctive and other equitable relief to prevent a breach
or continued breach of this Confidentiality Agreement. I acknowledge that this
Confidentiality Agreement shall be specifically enforceable in accordance with
its terms. I further acknowledge that any breach of any of the terms and
conditions of this Confidentiality Agreement while I am employed by the Company
may result in the immediate termination of my employment.

     

    8. Effective Date. I understand
that this Confidentiality Agreement is effective as of the date I first acquired
knowledge of any Confidential Information.

     

    9. Survival of Agreement. The
ending of my employment with the Company, for whatever reason, shall not affect
the Company’s rights or my obligations under this Confidentiality Agreement, all
of which shall survive the ending of my employment with the
Company.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

       

    

    10. Modification of Agreement.
This Confidentiality Agreement may only be modified by a writing signed by me
and the Chairman of the Board of the Company.

     

    11. Severability. If for any
reason any provision of this Confidentiality Agreement is adjudged by a court of
competent jurisdiction or by an arbitrator to be unenforceable, such
adjudication shall in no way affect any other provision of this Confidentiality
Agreement or the validity or enforcement of the remainder of the Confidentiality
Agreement, and the provision affected shall be curtailed only to the extent
necessary to bring it within the applicable requirements of the
law.

     

    12. Governing Law and Arbitration.
This Confidentiality Agreement shall be construed in accordance with and
governed by the laws of the State of California. Any dispute regarding this
Agreement or a breach thereof shall be subject to mandatory final and binding
arbitration in Los Angeles County according to the rules of the American
Arbitration Association, and pursuant to the terms of a Mutual Agreement to
Arbitrate Claims which has been executed between me and the Company prior to or
concurrently herewith. The arbitrator shall have the authority to order
injunctive and/or other equitable relief.

     

    13. Costs and Attorneys’ Fees. In
the event that either party to the Confidentiality Agreement files a claim for
arbitration, to enforce the terms hereof or to declare a party’s rights
hereunder, the prevailing party in such action shall be entitled to an award of
costs and reasonable attorney’s fees, to be paid by the losing party in such
amount as may be determined by the arbitrator having jurisdiction in such
action.

     

    14. Acknowledgment of Reading. I
acknowledge, represent and warrant to the Company that I have received a copy of
this Confidentiality Agreement, that I have read and understood this
Confidentiality Agreement, that I have had the opportunity to seek the advice of
legal counsel before signing this Confidentiality Agreement and that I have
either sought such counsel or have voluntarily decided not to do
so.

     

    I
UNDERSTAND THIS AGREEMENT AND AGREE TO ABIDE BY ALL OF ITS TERMS.

     

    
      	 
      	 
      	 
      
	
              Dated:
      January 13, 2010

            	
                

            	
              
                /s/
      Jae Whan Yoo

              

            
	 
      	
                

            	
              Jae
      Whan Yoo

            

    

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

       

    

    EXHIBIT
“B”

    

    MUTUAL
AGREEMENT TO ARBITRATE CLAIMS

     

    I
recognize that differences may arise between Center Bank and/or Center Financial
Corporation (collectively the “Company”) and me during or after my employment
with the Company and that those differences may or may not be related to my
employment. I understand and agree that by entering into this Mutual Agreement
to Arbitrate Claims (the “Agreement”) both the Company and I anticipate gaining
the benefits of the speedy, impartial dispute resolution procedure offered by
arbitration.

     

    I
understand that any reference in this Agreement to the Company will be a
reference to the Company and all of its past and present partners, officers,
directors and employees and the Company; all subsidiary and affiliate entities,
all benefit plans, the benefit plans’ sponsors, fiduciaries, administrators,
affiliates and all successors and assigns of any of them.

     

    1. Claims Covered by this
Agreement. The Company and I agree to resolve, by arbitration, to the
fullest extent permitted by law, all claims or controversies, except as excluded
in paragraph 2 below, involving the Company and any of its past or present
owners, partners, officers, employees or agents, whether or not those claims or
controversies arise out of my employment with the Company or the termination of
my employment (“Claims”). The Claims covered by this Agreement include, but are
not limited to, claims for wages, bonuses, commissions or any other form of
compensation; claims for breach of any contract, express or implied; tort
claims; claims for discrimination or harassment, including but not limited to
discrimination or harassment based on race, sex, religion, national origin, age,
marital status, physical or mental disability, medical condition or sexual
orientation; claims for benefits, except as excluded in the following paragraph;
and all claims for violation by either the Company or me of any federal, state
or other governmental law, statute, ordinance, Executive Order or
regulation.

     

    2. Claims not Covered by the
Agreement. This Agreement does not apply to or cover claims by me for
workers’ compensation benefits or unemployment compensation benefits; claims
based upon an employee pension or benefit plan, the terms of which contain an
arbitration or other dispute resolution procedure, in which case the provisions
of such plan shall control.

     

    3. Required Notice of Claim. If
either the Company or I has a dispute which we wish to resolve, written notice
of the dispute must be given to the other party within the applicable statute of
limitations period on which the claim is based; otherwise, the claim shall be
void and deemed waived. Written notice to the Company shall be sent by certified
or registered mail, return receipt requested, to the attention of the President
of the Company, 3435 Wilshire Boulevard, Los Angeles, California 90010. Written
notice to me shall be sent by certified or registered mail, return receipt
requested, to the last address recorded in my personnel file. The written notice
must identify and describe the nature of all claims asserted, the facts upon
which such claims are based, the amount in controversy and the remedy
sought.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

       

    

    4. Arbitration Procedures. The
Company and I agree that, except as provided in this Agreement, any arbitration
shall be conducted in accordance with the National Rules for the Resolution of
Employment Disputes of the American Arbitration Association (“AAA”) before an
arbitrator who is a retired judge (the “Arbitrator”). The arbitration shall take
place in or near the city in which I am or was last employed by the
Company.

     

    The
Arbitrator shall apply the substantive law (and the law of remedies, if
applicable) of the state in which the claim arose, or federal law, or both, as
applicable to the claim(s) asserted. The Arbitrator shall determine which rules
of evidence shall apply. The Arbitrator, and not any federal, state or local
court or agency, shall have exclusive authority to resolve any dispute relating
to the interpretation, applicability, enforceability or formation of this
agreement, including but not limited to any claim that all or any part of this
Agreement is void or voidable. The arbitrator’s decision shall be final and
binding upon the parties, except as provided in this agreement.

     

    The
Arbitrator shall have the authority to order such discovery as the Arbitrator
deems necessary for either party to effectively vindicate the parties’
respective statutory rights. The Arbitrator shall have the jurisdiction to hear
and rule on pre-hearing disputes and is authorized to hold pre-hearing
conferences by telephone or in person as the Arbitrator deems necessary. The
Arbitrator shall have the authority to entertain a motion to dismiss and/or a
motion for summary judgment by any party and shall apply the standards governing
such motions under the applicable rules of civil procedure.

     

    Either
the Company or I, upon our request at the close of the hearing, shall be
permitted to file a post-hearing brief. The time for the filing of any such
brief shall be set by the Arbitrator.

     

    Either
the Company or I may bring an action in any court of competent jurisdiction to
compel arbitration under this Agreement and to enforce an arbitration award.
Except as otherwise provided in
this Agreement, both the Company and I agree that neither of us shall initiate
nor prosecute any lawsuit or administrative action (other than an administrative
charge of discrimination) in any way related to any claim covered by this
Agreement.

     

    The
Arbitrator shall render a written award and opinion in the form typically
rendered in labor arbitrations. The award shall specify the reasons for the
decision.

     

    The
Arbitrator’s remedial authority shall be no greater nor less than that which is
available under the statutory or common law theory asserted. The decision of an Arbitrator on any
claim submitted to arbitration as provided in this Agreement shall be final and
binding upon the Company and me.

     

    5. Arbitration Fees and Costs.
The Company shall pay the fees of the arbitrator. Both the Company and I shall
pay our own costs and attorneys’ fees, if any. However, if any party prevails on
a statutory claim that affords attorneys’ fees to the prevailing party, or if
there is a written employment agreement providing for attorneys’ fees, the
Arbitrator may award reasonable fees to the prevailing party.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

       

    

    6. Interstate Commerce. I
understand and agree that the Company is engaged in transactions involving
interstate commerce and that my employment involves such commerce.

     

    7. Requirements for Modification or
Revocation. This Agreement can only be revoked or modified by a writing
signed by the President of the Company and me which specifically states an
intent by both of us to revoke or modify this Agreement.

     

    8. Sole and Entire Agreement.
This is the complete agreement between the Company and me on the subject of the
arbitration of disputes (except for any arbitration agreement in connection with
any pension or benefit plan). This Agreement supersedes any prior or
contemporaneous oral or written understanding on the subject. Neither the
Company nor I is relying on any representations, oral or written, on the subject
of the effect, enforceability or meaning of this Agreement except as
specifically set forth in this Agreement.

     

    9. Construction. If any provision
of this Agreement is determined to be void or otherwise unenforceable, in whole
or in part, such determination shall not affect the validity of the remainder of
this Agreement.

     

    10. Consideration. The promises by
the Company and by me to arbitrate claims, rather than to litigate them, provide
consideration for each other.

     

    11. Survival of Provisions. This
Agreement to arbitrate shall survive the termination of my employment and shall
apply to any Claims whether they arise or are made during or after the ending of
my employment or other relationship with the Company.

     

    The
Company and I acknowledge that we have both carefully read this Agreement, that
all understandings between me and the Company relating to the subject matter of
arbitration are contained in it, that our respective signatures on this
Agreement mean that both the Company and I are giving up our rights to a jury
trial and to a trial in a court of law, and that we have both entered into this
Agreement voluntarily and not in reliance on any premises or representations
other than those contained in this Agreement. The Company and I further
acknowledge that we have had an opportunity to discuss this Agreement with
attorneys of our choice prior to signing it and we have used that opportunity to
the extent we wish to do so.

     

    The
undersigned have signed this Agreement as of the date below.

     

    
      
        	 
      	 
      
	
                CENTER
      BANK

              
	 
      	 
      
	
                By:

              	
                
                  /s/
      Jin Chul Jhung

                

              
	
                Its:
      Chairman of the Board

              
	
                Date:
      January 13, 2010

              
	 
      

      

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

       

       

      
        	
                CENTER
      FINANCIAL CORPORATION

              
	 
      	 
      
	
                By:

              	
                
                  /s/
      Jin Chul Jhung

                

              
	
                Its:
      Chairman of the Board

              
	
                Date:
      January 13, 2010

              
	 
      
	
                EMPLOYEE

              
	 
      
	
                
                  /s/
      Jae Whan Yoo

                

              
	
                Signature
      of Employee

              
	 
      
	
                Jae
      Whan Yoo

              
	
                Print
      Name of Employee

              
	 
      
	
                Date:
      January 13, 2010

              

      

    

    

     

    
      15Exhibit 10.1

                              EMPLOYMENT AGREEMENT

THIS EMPLOYMENT  AGREEMENT  ("Agreement") is made and entered into as of the 1st
day of January, 2010, by and between Kesselring Holding Corporation,  a Delaware
corporation with its principal office at 602 West Valley Mall Blvd.,  Union Gap,
WA 98903 ("Company"),  and Ken Craig, ("Executive") whose address is 39 Caroline
Lane, Pisgah Forest, NC 28768.

                                    RECITALS

     1. The  Executive has accepted the position of Chief  Executive  Officer of
the Company.

     2. The  Executive  possesses  knowledge  of the business and affairs of the
Company, its policies, methods and personnel.

     3. The Board of  Directors  ("Board")  of the Company  recognizes  that the
Executive's  knowledge of the Company and experience are substantial and desires
to assure the Company of the Executive's present and continued  employment in an
executive capacity and to compensate him therefor.

     4. The  Board  has  determined  that  this  Agreement  will  reinforce  and
encourage the Executive's continued attention and dedication to the Company.

     5. The  Executive is willing to make his services  available to the Company
on the terms and conditions hereinafter set forth.

                                    AGREEMENT

     NOW,  THEREFORE,  in  consideration  of the  premises  and  of  the  mutual
covenants and agreement set forth herein, the parties hereby agree as follows:

1. EMPLOYMENT.

     1.1 Employment and Term. The Executive shall continue to serve the Company,
on the terms and conditions set forth herein,  for the period ("Term") effective
as  of  January  1,  2010  ("Commencement  Date")  and  expiring  on  the  fifth
anniversary of the Commencement  Date,  unless sooner  terminated as hereinafter
set  forth;   provided,   however,   that  the  Term  of  this  Agreement  shall
automatically  be extended from year to year under the same terms and conditions
as set forth herein unless the Company or the Executive  gives written notice to
the other ninety (90) days prior to the fifth  anniversary  of the  Commencement
Date of its or his intention to terminate this Agreement.

     1.2 Duties of  Executive.  The  Executive  shall  perform  the duties of an
executive commensurate with such position, shall diligently perform all services
<PAGE>
as may be  reasonably  designated by the Board,  including,  but not limited to,
serving as an officer or director of any  subsidiary or affiliate  company;  and
shall  exercise  such power and  authority as is necessary  and customary to the
performance of such duties and services.

2. COMPENSATION.

     2.1 Base Salary.  During the Term and any extension of the Term pursuant to
paragraph 1.1, the Executive shall receive a base salary to be determined by the
Board of  Directors  ("Base  Salary").  The Base  Salary  shall  be  payable  in
substantially  equal  installments  consistent with the Company's normal payroll
schedule, subject to applicable withholding and other taxes. Notwithstanding the
above,  at the  discretion  of the Board of Directors  of the Company,  the Base
Salary may be increased,  but shall not be decreased, on each anniversary of the
Commencement Date during the Term and any extension of the Term.

     2.2 Bonus.  The Executive shall be entitled to receive a bonus in an amount
and at such  time(s)  during  the Term as shall  be  determined  in the sole and
absolute discretion of the Company.

3. EXPENSE REIMBURSEMENT AND OTHER BENEFITS.

     3.1  Expense  Reimbursement.   During  the  Term,  the  Company,  upon  the
submission of supporting  documentation by the Executive, and in accordance with
Company  policies for its  executives,  shall  reimburse  the  Executive for all
expenses  actually  paid or  incurred  by the  Executive  in the  course  of and
pursuant  to the  business  of  the  Company,  including  expenses  for  travel,
entertainment,  computer  allowance,  and such other expenses as approved by the
Company.

     3.2 Other  Benefits.  The Company  shall obtain or shall  continue in force
comprehensive major medical and hospitalization insurance coverage, either group
or individual,  for the Executive and his dependents,  (the "Policy"), which the
Company shall keep in effect at its expense  throughout  the Term. The Policy to
be provided by the Company shall be on terms as determined by the Board.

     3.3  Vacation.  The  Executive  shall  annually  receive four weeks of paid
vacation  of which a maximum  of two weeks may be carried  forward  from year to
year.

4. TERMINATION.

     4.1  Termination  for Cause.  Notwithstanding  anything  contained  in this
Agreement to the contrary,  this  Agreement may be terminated by the Company for
Cause.  As used in this  Agreement  "Cause"  shall only mean (i)  subject to the
following sentences, any action or omission of the Executive which constitutes a
willful and material  breach of this Agreement which is not cured or as to which
diligent  attempts  to cure have not  commenced  within 20  business  days after
receipt  by  Executive  of  notice  of  same,   (ii)  fraud,   embezzlement   or
misappropriation  as against the Company, or (iii) the conviction (from which no
appeal can be taken) of Executive  for any criminal act which is a felony.  Upon
any  determination  by the Board  that  Cause  exists  under  clause  (i) of the
preceding sentence, the Company shall cause a special meeting of the Board to be
called and held at a time mutually convenient to the Board and Executive, but in

                                       2
<PAGE>
no event later than 10  business  days after  Executive's  receipt of the notice
contemplated by clause (i). Executive shall have the right to appear before such
special  meeting of the Board with legal  counsel of his  choosing to refute any
determination  of  Cause  specified  in  such  notice,  and any  termination  of
Executive's  employment  by  reason  of such  Cause  determination  shall not be
effective  until  Executive  is  afforded  such   opportunity  to  appear.   Any
termination for Cause pursuant to this Paragraph 4.1 shall be made in writing to
Executive,  which notice  shall set forth in detail all acts or  omissions  upon
which the Company is relying  for such  termination.  The Company  shall have no
further  liability  hereunder  (other  than  for  reimbursement  for  reasonable
business expenses incurred prior to the date of termination, subject, however to
the  provisions  of Paragraph  3.1 hereof).  In addition,  upon any  termination
pursuant  to this  paragraph  4.1,  the  Executive  hereby  agrees to resign his
position  as a  member  of the  Boards  of  Directors  of the  Company  and  any
subsidiary.

     4.2  Termination  Without  Cause.  The Company can terminate this Agreement
without  cause at anytime upon 90 day's written  notice to  Executive,  provided
Executive is paid a payment of $50,000 for severance and all other amount due at
the time the agreement is terminated.

     5.  INJUNCTION.  It is recognized  and hereby  acknowledged  by the parties
hereto that a breach by the  Executive of duty or  covenants  which give rise to
termination for cause as described in Paragraph 4.1 of this Agreement will cause
irreparable harm and damage to the Company,  the monetary amount of which may be
virtually  impossible to ascertain.  As a result,  the Executive  recognizes and
hereby acknowledges that the Company shall be entitled to an injunction from any
court of competent  jurisdiction  enjoining and restraining any violation of any
duty or covenant pursuant to Paragraph 4.1 of this Agreement by the Executive or
any of his  affiliates,  associates,  partners  or agents,  either  directly  or
indirectly,  and that  such  right to  injunction  shall  be  cumulative  and in
addition to whatever other remedies the Company may possess.

     6. BINDING  EFFECT.  Except as herein  otherwise  provided,  this Agreement
shall  inure to the  benefit of and shall be binding  upon the  parties  hereto,
their personal representatives, successors, heirs and assigns.

     7.. TERMINOLOGY. All personal pronouns used in this Agreement, whether used
in the masculine,  feminine or neuter  gender,  shall include all other genders;
the singular  shall include the plural and vice versa.  Titles of paragraphs are
for  convenience  only,  and neither  limit nor amplify  the  provisions  of the
Agreement itself.

     8. FURTHER ASSURANCES.  At any time, and from time to time, each party will
take such action as may be reasonably  requested by the other party to carry out
the intent and purposes of this Agreement.

     9.  ENTIRE  AGREEMENT.  This  Agreement  constitutes  the entire  agreement
between  the parties  hereto  with  respect to the  subject  matter  hereof.  It
supersedes all prior  negotiations,  letters and understandings  relating to the
subject matter hereof.

                                       3
<PAGE>
     10.  AMENDMENT This Agreement may not be amended,  supplemented or modified
in whole or in part except by an  instrument  in writing  signed by the party or
parties  against  whom   enforcement  of  any  such  amendment,   supplement  or
modification is sought.

     11.  ASSIGNMENT.  This  Agreement  may not be assigned by any party  hereto
without the prior written consent of the other party.

     12.  CHOICE OF LAW.  This  Agreement  will be  interpreted,  construed  and
enforced in accordance with the laws of the State of Washington,  without giving
effect to the application of the principles pertaining to conflicts of laws.

     13.  EFFECT OF  WAIVER.  The  failure  of any party at any time or times to
require  performance of any provision of this Agreement will in no manner affect
the right to  enforce  the same.  The  waiver by any party of any  breach of any
provision  of this  Agreement  will not be  construed to be a waiver by any such
party of any  succeeding  breach of that  provision or a waiver by such party of
any breach of any other provision.

     14.  CONSTRUCTION.  The parties hereto and their  respective  legal counsel
participated  in the preparation of this  Agreement;  therefore,  this Agreement
shall be construed  neither  against nor in favor of any of the parties  hereto,
but rather in accordance with the fair meaning thereof.

     15.  SEVERABILITY.  The invalidity,  illegality or  unenforceability of any
provision or provisions of this Agreement will not affect any other provision of
this  Agreement,  which  will  remain  in full  force and  effect,  nor will the
invalidity, illegality or unenforceability of a portion of any provision of this
Agreement  affect the  balance of such  provision.  In the event that any one or
more of the provisions  contained in this Agreement or any portion thereof shall
for any reason be held to be invalid,  illegal or  unenforceable in any respect,
this  Agreement  shall be reformed,  construed  and enforced as if such invalid,
illegal or unenforceable provision had never been contained herein.

     16.  ENFORCEMENT.  Should it become  necessary  for any party to  institute
legal  action to  enforce  the  terms  and  conditions  of this  Agreement,  the
successful  party will be awarded  reasonable  attorneys'  fees at all trial and
appellate  levels,  expenses  and costs.  Any suit,  action or  proceeding  with
respect to this  Agreement  shall be brought in the courts of Yakima,  County in
the  State of  Washington.  The  parties  hereto  hereby  accept  the  exclusive
jurisdiction  of those  courts  for the  purpose  of any such  suit,  action  or
proceeding.

     17. SURVIVAL. All covenants, agreement, representations and warranties made
herein or otherwise made in writing by any party  pursuant  hereto shall survive
the  execution  and  delivery  of  this  Agreement  and the  termination  of the
employment of the Executive.

     18.  NOTICE.  Any notice  required or permitted  to be delivered  hereunder
shall be deemed to be delivered when sent by facsimile with receipt confirmed or
when  deposited  in the United  States  mail,  postage  prepaid,  registered  or
certified mail, return receipt requested, or by overnight courier,  addressed to
the parties at the addresses  first stated  herein,  or to such other address as
either  party  hereto  shall from time to time  designate  to the other party by
notice in writing as provided herein.

                                       4
<PAGE>
     IN WITNESS  WHEREOF,  this  Agreement  has been duly  signed by the parties
hereto on the day and year first above written.

KESSELRING HOLDING CORPORATION

By: /s/ Gary E. King                           /s/ Ken Craig
   --------------------------------------      ---------------------------------
Name: Gary E. King                             Ken Craig, Executive
Title: Chairman of the Board of Directors

                                  Schedule "A"

Base Salary  shall be $64,200 per year and maybe  reviewed  and  modified at the
sole discretion of the Board of Directors during the Term of this Agreement.

Executive shall receive 1,000,000 shares of common stock in the Company, 250,000
shares upon  signing  and  250,000  shares at the end of each of the first three
years of this Agreement.

                                       5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]