Document:

EX-4.5

 Exhibit 4.5 

DESCRIPTION OF REGISTRANT’S SECURITIES 

The following description of the securities of Advanced Merger Partners, Inc. is a summary and does not purport to be complete. This summary is
subject to and qualified in its entirety by reference to the full text of our amended and restated certificate of incorporation and our bylaws, each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K (the “Report”) of which this Exhibit 4.5 is a part. We encourage you to read our certificate of incorporation, our bylaws, and the applicable provisions of the General Corporation law of the State of
Delaware for additional information. 
 In this document, unless the context otherwise requires, references to: 

 

	 	•	 	 “we,” “us,” “company,” “our company” and “AMPI” are to Advanced
Merger Partners, Inc., a Delaware corporation; 

  

	 	•	 	 “DGCL” refers to the Delaware General Corporation Law as the same may be amended from time to time;

  

	 	•	 	 “founder shares” are to shares of Class B common stock initially purchased by our sponsor and our
independent director nominees in a private placement prior to our initial public offering and the shares of Class A common stock that will be issued upon the automatic conversion of the shares of Class B common stock at the time of our
initial business combination as described herein (for the avoidance of doubt, such shares of Class A common stock will not be “public shares”); 

 

	 	•	 	 “initial stockholders” are to holders of our founder shares prior to our initial public offering;

  

	 	•	 	 “management” or our “management team” are to our executive officers and directors;

  

	 	•	 	 “directors” are to our current directors and director nominees; 

 

	 	•	 	 “common stock” are to our Class A common stock and our Class B common stock;

  

	 	•	 	 “public shares” are to shares of Class A common stock sold as part of the units in our initial
public offering (whether they were purchased in our initial public offering or thereafter in the open market); 

  

	 	•	 	 “public stockholders” are to the holders of our public shares, including our initial stockholders and
management team to the extent our initial stockholders and/or members of our management team purchase public shares, provided that each initial stockholder’s and member of our management team’s status as a “public stockholder”
will only exist with respect to such public shares; 

  

	 	•	 	 “private placement warrants” are to the warrants issued to our sponsor in a private placement
simultaneously with the closing of our initial public offering; and 

  

	 	•	 	 “sponsor” is to HLI Sponsor, LLC, a Delaware limited liability company. 

General 
 We are a Delaware corporation
and our affairs are governed by our amended and restated certificate of incorporation and the Delaware General Corporation Law. Pursuant to our amended and restated certificate of incorporation, we are authorized to issue 220,000,000 shares of
common stock, $0.0001 par value each, including 200,000,000 shares of Class A common stock and 20,000,000 shares of Class B common stock, as well as 1,000,000 shares of preferred stock, $0.0001 par value each. The following description
summarizes certain terms of our capital stock as set out more particularly in our amended and restated certificate of incorporation. Because it is only a summary, it may not contain all the information that is important to you. 

 Units 

Each unit consists of one share of Class A common stock and one-sixth of one redeemable warrant.
Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as described in this prospectus. Pursuant to the warrant agreement, a warrant holder may exercise
its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at any given time by a warrant holder. Accordingly, unless you purchased at least six units, you will not be able to
receive or trade a whole warrant. 
 The Class A common stock and warrants comprising the units began separate trading April 22,
2021. Holders have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A common stock and
warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. 
 Common Stock 

Stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Prior to our initial
business combination, only holders of our founder shares have the right to vote on the election of directors. Holders of our public shares are to entitled to vote on the election of directors during such time. In addition, prior to the completion of
an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated certificate of incorporation may only be amended by approval of a
majority of at least 90% of our Class B common stock voting in an annual meeting. With respect to any other matter submitted to a vote of our stockholders, including any vote in connection with our initial business combination, except as
required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. Unless specified in our amended and restated certificate of incorporation, or as
required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders. There is no
cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable
dividends when, as and if declared by the board of directors out of funds legally available therefor. 
 Because our amended and restated
certificate of incorporation authorizes the issuance of up to 200,000,000 shares of Class A common stock, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase
the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder approval in connection with our initial business combination.

 In accordance with the NYSE corporate governance requirements, we are not required to hold an annual meeting until no later than one year
after our first full fiscal year end following our listing on the NYSE. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes of electing directors in accordance with our bylaws,
unless such election is made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination, and thus we may not be in compliance
with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold one by
submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL. 
 We will provide our
public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to
us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will
distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our initial stockholders, officers, and directors have

 
entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares they hold in connection with the
completion of our initial business combination. Unlike many special purpose acquisition companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions
of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other legal
reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business
combination. Our amended and restated certificate of incorporation requires these tender offer documents to contain substantially the same financial and other information about our initial business combination and the redemption rights as is
required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many special purpose acquisition
companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority
of the shares of common stock voted are voted in favor of our initial business combination. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this
prospectus), if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking
approval of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. 

If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in
concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent. However, we would not be restricting our
stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete
our initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to
the Excess Shares if we complete our initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open
market transactions, potentially at a loss. 
 If we seek stockholder approval in connection with our initial business combination, our
initial stockholders, officers and directors have agreed to vote any founder shares they hold and any public shares purchased during or after our initial public offering in favor of our initial business combination. Additionally, each public
stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. 
 Pursuant
to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination by March 4, 2023, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as
reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our initial
stockholders have entered into agreements with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business
combination by March 4, 2023 or during any Extension Period. However, if our initial stockholders or management team acquire public shares in or after our initial public offering, they will be entitled to liquidating distributions from the
trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed time period. 

 In the event of a liquidation, dissolution or winding up of the company after a business
combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the common
stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders with the opportunity to redeem their public shares for
cash at a per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then
outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein. 
 Founder Shares

 The founder shares are designated as Class B common stock and, except as described below, are identical to the shares of
Class A common stock included in the units sold in our initial public offering, and holders of founder shares have the same stockholder rights as public stockholders, except that (i) the founder shares are subject to certain transfer
restrictions, as described in more detail below, (ii) our initial stockholders, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to
any founder shares and public shares they hold in connection with the completion of our initial business combination, (B) to waive their redemption rights with respect to any founder shares and public shares they hold in connection with a
stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination by
March 4, 2023 or with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination activity and (C) to waive their rights to
liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our initial business combination by March 4, 2023 or during any Extension Period, although they will be entitled to liquidating
distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within such time period, (iii) the founder shares are automatically convertible into Class A common
stock concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment as
described herein and in our amended and restated certificate of incorporation, and (iv) prior to the completion of our initial business combination, only our founder shares will have the right to vote on the election of our directors. If we
submit our initial business combination to our public stockholders for a vote, our initial stockholders and each member of our management team have agreed to vote their founder shares and any public shares purchased during or after our initial
public offering in favor of our initial business combination. 
 The founder shares will automatically convert into shares of Class A
common stock concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment for
stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed
issued in connection with our initial business combination, the number of shares of Class A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on
an as-converted basis, 20% of the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions of shares of Class A common stock
by public stockholders), including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in
connection with or in relation to the consummation of the initial business combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible into shares of Class A common stock
issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor or an affiliate of our sponsor, officers or directors upon conversion of working capital loans, provided that such
conversion of founder shares will never occur on a less than one-for-one basis. 

With certain limited exceptions, the founder shares are not transferable, assignable or salable until the earlier of (A) one year after
the completion of our initial business combination or earlier if, subsequent to our initial business combination, the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, and
(B) the date following the completion of our initial business combination on which we complete a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their
Class A common stock for cash, securities or other property. 
  

 Prior to our initial business combination, only holders of our founder shares have the right
to vote on the election of directors. Holders of our public shares are not entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder
shares may remove a member of the board of directors for any reason. These provisions of our amended and restated certificate of incorporation may only be amended by approval of a majority of at least 90% of our Class B common stock voting in
an annual meeting. With respect to any other matter submitted to a vote of our stockholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public
shares will vote together as a single class, with each share entitling the holder to one vote. 
 Preferred Stock 

Our amended and restated certificate of incorporation authorizes 1,000,000 shares of preferred stock and provides that shares of preferred
stock may be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any
qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is able to, without stockholder approval, issue shares of preferred stock with voting and other rights that could adversely affect
the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors to issue shares of preferred stock without stockholder approval could have the effect of delaying,
deferring or preventing a change of control of us or the removal of existing management. We have no preferred shares outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you
that we will not do so in the future. No shares of preferred stock were issued or registered in our initial public offering. 
 Warrants 

Public Stockholders’ Warrants 

Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing on the later of March 4, 2022 and 30 days after the completion of our initial business combination, provided in each case that we have an effective registration statement under the
Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the
circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant
holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units
and only whole warrants will trade. Accordingly, unless you purchase at least six units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00
p.m., New York City time, or earlier upon redemption or liquidation. 
 We will not be obligated to deliver any Class A common stock
pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying the warrants is then effective and a
prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue a share of Class A common stock upon exercise
of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the
event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no
event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit
solely for the share of Class A common stock underlying such unit. 

 We have agreed that as soon as practicable, but in no event later than fifteen
(15) business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable upon
exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in
accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of
our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A common stock are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use
our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering each such warrant for that number of shares of our
Class A common stock equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of shares of our Class A common stock underlying the warrants, multiplied the excess of the “fair market
value” less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” shall mean the volume weighted average price of the shares of our Class A common stock for the ten trading
days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. 
 Redemption of Warrants When the
Price per Share of Our Class A Common Stock Equals or Exceeds $18.00 
 Once the warrants become exercisable, we may redeem the
outstanding warrants (except as described herein with respect to the private placement warrants): 
  

	 	•	 in whole and not in part; 

 

	 	•	 at a price of $0.01 per warrant; 

 

	 	•	 upon not less than 30 days’ prior written notice of redemption
(the “30-day redemption period”) to each warrant holder; and 

  

	 	•	 if, and only if, the closing price of our Class A common stock for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per
share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities for capital raising purposes in connection with the
closing of our initial business combination as described elsewhere in this prospectus). 

 If and when the warrants become
redeemable by us for cash, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. However, we will not redeem the warrants unless an effective
registration statement under the Securities Act covering the shares of our Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of our Class A common stock is available
throughout the 30-day redemption period. 
 We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each
warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock
capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued. 

 Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $10.00

 Once the warrants become exercisable, we may redeem the outstanding warrants: 

 

	 	•	 in whole and not in part; 

 

	 	•	 at a price of $0.10 per warrant provided that holders will be able to exercise their warrants on a cashless
basis prior to redemption and receive that number of shares of Class A common stock determined by reference to the table set forth under “Description of Securities—Warrants—Public Stockholders’ Warrants” based on the
redemption date and the “fair market value” of our Class A common stock (as defined below) except as otherwise described in “Description of Securities—Warrants—Public Stockholders’ Warrants”;

  

	 	•	 upon a minimum of 30 days’ prior written notice of redemption; 

 

	 	•	 if, and only if, the Reference Value (as defined above under “Redemption of Warrants When the Price per
Share of Our Class A Common Stock Equals or Exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like); and 

 

	 	•	 if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like), the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above. 

The numbers in the table below represent the number of shares of our Class A common stock that a warrant holder will receive upon
exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A common stock on the corresponding redemption date (assuming holders elect to exercise their warrants
and such warrants are not redeemed for $0.10 per warrant), determined based on volume-weighted average price of our Class A common stock as reported during the ten trading days immediately following the date on which the notice of
redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final
fair market value no later than one business day after the 10-trading day period described above ends. 

Pursuant to the warrant agreement, references above to shares of our Class A common stock shall include a security other than shares of
our Class A common stock into which the shares of our Class A common stock have been converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the table below will not be
adjusted when determining the number of shares of our Class A common stock to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination. 

The stock prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable
upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “—Anti-dilution Adjustments” below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted
stock prices in the column headings will equal the stock prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and the denominator of which is the
exercise price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares
deliverable upon exercise of the warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of the warrant as so adjusted. If the exercise price of a warrant is adjusted, as a result
of raising capital in connection with the initial business combination, the adjusted stock prices in the column headings will by multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set
forth under the heading “—Anti-dilution Adjustments” and the denominator of which is $10.00. 

																																					
	 Redemption Date

(period to expiration 
of warrants)
	  	Fair Market Value of Our Class A Common Stock	 
	  	£$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	$18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the
fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of shares of our Class A common stock to be issued for each warrant exercised will be determined by a
straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365
or 366-day year, as applicable. For example, if the volume-weighted average price of our Class A common stock as reported during the ten trading days immediately following the date on
which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise
their warrants for 0.277 Class A common stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume-weighted average price of our Class A
common stock as reported during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the
warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A common stock for each whole warrant. In no event will the warrants be exercisable in connection with this redemption feature
for more than 0.361 Class A common stock per warrant (subject to adjustment). 
 This redemption feature differs from the typical
warrant redemption features used in many other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the shares of our Class A common
stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the shares of our Class A common stock are trading at or above $10.00 per
share, which may be at a time when the trading price of our shares of Class A common stock is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants
without the warrants having to reach the $18.00 per share threshold set forth above under “— Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $18.00.” Holders choosing to exercise
their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of this prospectus. This redemption
right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We
will be required to pay the applicable redemption price to warrant holders if we 

 
choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem
the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders. 

As stated above, we can redeem the warrants when the shares of our Class A common stock are trading at a price starting at $10.00, which
is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable
number of shares. If we choose to redeem the warrants when the shares of our Class A common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A common
stock than they would have received if they had chosen to wait to exercise their warrants for Class A common stock if and when such Class A common stock were trading at a price higher than the exercise price of $11.50. 

No fractional shares of our Class A common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a
fractional interest in a share, we will round down to the nearest whole number of the number of shares of our Class A common stock to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than
the shares of our Class A common stock pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants
become exercisable for a security other than the shares of our Class A common stock, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of
the warrants. 
 Redemption Procedures. A holder of a warrant may notify us in writing in the event it elects to be subject to a
requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would
beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the shares of our Class A common stock issued and outstanding immediately after giving effect to such exercise. 

Anti-dilution Adjustments. If the number of outstanding shares of our Class A common stock is increased by a
stock capitalization or stock dividend payable in shares of our Class A common stock, or by a split-up of common stock or other similar event, then, on the effective date of such stock
capitalization or stock dividend, split-up or similar event, the number of shares of our Class A common stock issuable on exercise of each warrant will be increased in proportion to such
increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling holders to purchase Class A common stock at a price less than the “historical fair market value” (as defined below) will be
deemed a stock dividend of a number of shares of our Class A common stock equal to the product of (i) the number of shares of our Class A common stock actually sold in such rights offering (or issuable under any other equity
securities sold in such rights offering that are convertible into or exercisable for Class A common stock) and (ii) one minus the quotient of (x) the price per share of our Class A common stock paid in such rights offering and
(y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for shares of our Class A common stock, in determining the price payable for Class A common
stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value” means the volume-weighted average price
of shares of our Class A common stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of our Class A common stock trade on the applicable exchange or in the
applicable market, regular way, without the right to receive such rights. 
 In addition, if we, at any time while the warrants are
outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of shares of our Class A common stock on account of such Class A common stock (or other securities into which the warrants
are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the shares of our Class A common
stock during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding
cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of shares of our Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash
dividends or cash distributions equal to or less than $0.50 per 

 
share, (c) to satisfy the redemption rights of the holders of our Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption
rights of the holders of our Class A common stock in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our
public shares if we have not consummated an initial business combination by March 4, 2023 or with respect to any other material provisions relating to stockholders’ rights
or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant
exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of our Class A common stock in respect of
such event. 
 If the number of outstanding shares of our Class A common stock is decreased by a consolidation, combination, reverse
share split or reclassification of our Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of shares of our Class A
common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of our Class A common stock. 

Whenever the number of shares of our Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above,
the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of our Class A common stock purchasable upon
the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of shares of our Class A common stock so purchasable immediately thereafter. 

In addition, if (x) we issue additional shares of our Class A common stock or equity-linked securities for capital raising
purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of our Class A common stock (with such issue price or effective issue price to be determined in
good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates, as applicable, prior to
such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on
the date of the consummation of our initial business combination (net of redemptions), and (z) the volume-weighted average trading price of our Class A common stock during the 20 trading day period starting on the trading day after
the day on which we complete our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the
Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described adjacent to “Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $18.00” and
“Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price,
respectively. 
 In case of any reclassification or reorganization of the outstanding Class A common stock (other than those described
above or that solely affects the par value of such Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and
that does not result in any reclassification or reorganization of our outstanding Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or
substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
shares of our Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of our Class A common stock or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately
prior to such event. If less than 70% of the consideration receivable by the holders of our Class A common stock in such a transaction is payable in the form of our Class A common stock in the successor entity that is listed for trading on
a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following

 
such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be
reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an
extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants. 

The warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or to correct any defective provision or mistake, including to conform the
provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in this prospectus, (ii) adjusting the provisions relating to cash dividends on shares of common stock as contemplated by
and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that
the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 50% of the then outstanding public warrants is required to make any change that adversely affects
the interests of the registered holders of public warrants, and, solely with respect to any amendment to the terms of the private placement warrants, 50% of the then outstanding private placement warrants. You should review a copy of the warrant
agreement, which was filed as an exhibit to the registration statement related to the initial public offering, for a complete description of the terms and conditions applicable to the warrants. 

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive Class A common stock. After the issuance
of our Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders. 

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a
fractional interest in a share, we will, upon exercise, round down to the nearest whole number, the number of shares of our Class A common stock to be issued to the warrant holder. 

Our warrant agreement provides that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating
in any way to the warrant agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably
submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

Notwithstanding the foregoing, these provisions of the warrant agreement do not apply to suits brought to enforce any liability or duty
created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants shall
be deemed to have notice of and to have consented to the forum provisions in our warrant agreement. If any action, the subject matter of which is within the scope of the forum provisions of the warrant agreement, is filed in a court other than a
court of the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in the name of any holder of our warrants, such holder shall be deemed to have consented to: (x) the
personal jurisdiction of the state and federal courts located in the State of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of
process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder. 

 Private Placement Warrants 

The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) are not
transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions, to our officers and directors and other persons or entities affiliated with the initial purchasers of
the private placement warrants) and they will not be redeemable by us for cash so long as they are held by the initial stockholders or their permitted transferees. The initial purchasers, or their permitted transferees, have the option to exercise
the private placement warrants on a cashless basis. Except as described in this section, the private placement warrants have terms and provisions that are identical to those of the warrants sold as part of the units in our initial public offering.
If the private placement warrants are held by holders other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included
in the units sold in our initial public offering. 
 If holders of the private placement warrants elect to exercise them on a cashless
basis, they would pay the exercise price by surrendering his, her or its warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common
stock underlying the warrants, multiplied by the excess of the “fair market value” of our Class A common stock (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market
value” will mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have
agreed that these warrants will be exercisable on a cashless basis so long as they are held by the initial purchasers or their permitted transferees is because it is not known at this time whether they will be affiliated with us following a business
combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except during specific
periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of
material non-public information. Accordingly, unlike public stockholders who could exercise their warrants and sell the shares of Class A common stock received upon such exercise freely in the
open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

 In order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our
sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $2,000,000 of such loans may be convertible into warrants of the post business combination entity at a price of $1.50 per warrant
at the option of the lender. Such warrants would be identical to the private placement warrants. 
 Our initial stockholders have agreed not
to transfer, assign or sell any of the private placement warrants (including the Class A common stock issuable upon exercise of any of these warrants) until the date that is 30 days after the date we complete our initial business combination,
except under limited circumstances. 
 Dividends 

We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of a business
combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment of any cash
dividends subsequent to a business combination will be within the discretion of our board of directors at such time. If we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection
therewith. 
 Our Transfer Agent and Warrant Agent 

The transfer agent for our common stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have
agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees against all claims and losses that may arise out of
acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence or intentional misconduct of the indemnified person or entity. Continental Stock 

 
Transfer & Trust Company has agreed that it has no right of set-off or any right, title, interest or claim of any kind to, or to any
monies in, the trust account, and has irrevocably waived any right, title, interest or claim of any kind to, or to any monies in, the trust account that it may have now or in the future. Accordingly, any indemnification provided will only be able to
be satisfied, or a claim will only be able to be pursued, solely against us and our assets outside the trust account and not against the any monies in the trust account or interest earned thereon. 

Amended and Restated Certificate of Incorporation 

Our amended and restated certificate of incorporation contains certain requirements and restrictions relating to our initial public offering
that will apply to us until the completion of our initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders, who collectively beneficially owned
approximately 21% of our common stock upon the closing of our initial public offering, may participate in any vote to amend our amended and restated certificate of incorporation and will have the discretion to vote in any manner they choose.
Specifically, our amended and restated certificate of incorporation provides, among other things, that: 
  

	 	•	 If we are unable to complete our initial business combination by March 4, 2023, we will (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us (less taxes payable and up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide
for claims of creditors and in all cases subject to the requirements of other applicable law; 

  

	 	•	 Prior to our initial business combination, we may not issue additional securities that would entitle the
holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination or (b) to approve an amendment to our amended and restated certificate of
incorporation to (x) extend the time we have to consummate a business combination beyond March 4, 2023 or (y) amend the foregoing provisions; 

  

	 	•	 Although we do not intend to enter into a business combination with a target business that is affiliated with
our sponsor, our directors or our executive officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm
which is a member of FINRA or an independent accounting firm that such a business combination is fair to our company from a financial point of view; 

  

	 	•	 If a stockholder vote on our initial business combination is not required by law and we do not decide to hold a
stockholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents
with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the
Exchange Act. Whether or not we maintain our registration under the Exchange Act or our listing on the NYSE, we will provide our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above;

  

	 	•	 Our amended and restated certificate of incorporation and the NYSE rules require that we complete one or more
business combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account) at the
time of the agreement to enter into the initial business combination; 

  

	 	•	 If our stockholders approve an amendment to our amended and restated certificate of incorporation to modify the
substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination by March 4, 2023, or with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination activity, we will provide our public stockholders with the opportunity to redeem all or a portion of their Class A common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to
pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein; and 

  

	 	•	 We will not effectuate our initial business combination with another blank check company or a similar company
with nominal operations. 

 In addition, our amended and restated certificate of incorporation provides that under no
circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. 
 Certain Anti-Takeover
Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and Bylaws 
 We are subject to the provisions of
Section 203 of the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances, from engaging in a “business combination” with: 

 

	 	•	 a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an “interested
stockholder”); 

  

	 	•	 an affiliate of an interested stockholder; or 

 

	 	•	 an associate of an interested stockholder, for three years following the date that the stockholder became an
interested stockholder. 

 A “business combination” includes a merger or sale of more than 10% of our assets.
However, the above provisions of Section 203 do not apply if: 
  

	 	•	 our board of directors approves the transaction that made the stockholder an “interested
stockholder,” prior to the date of the transaction; 

  

	 	•	 after the completion of the transaction that resulted in the stockholder becoming an interested stockholder,
that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or 

 

	 	•	 on or subsequent to the date of the transaction, the initial business combination is approved by our board of
directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested
stockholder. 

 Our authorized but unissued common stock and preferred stock are available for future issuances without
stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and
preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Exclusive Forum for Certain Lawsuits 
 Our
amended and restated certificate of incorporation requires, unless we consent in writing to the selection of an alternative forum, that (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of
breach of a fiduciary duty owed by any director, officer or other employee to us or our stockholders, (iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the DGCL or our
amended and restated certificate of incorporation or bylaws, or (iv) any action asserting a claim against us, our directors, officers or employees governed by the internal affairs doctrine may be brought only in the

 
Court of Chancery in the State of Delaware, except any claim (A) as to which the Court of Chancery of the State of Delaware determines that there is an indispensable party not subject to the
jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or
forum other than the Court of Chancery or (C) for which the Court of Chancery does not have subject matter jurisdiction, as to which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent
jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel. 

Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits
to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders will not
be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. 
 Notwithstanding the
foregoing, our amended and restated certificate of incorporation provides that the exclusive forum provision will not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts
have exclusive jurisdiction. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Additionally, unless
we consent in writing to the selection of an alternative forum, the federal courts shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act against us or any of our directors,
officers, other employees or agents. Section 22 of the Securities Act, however, created concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and
regulations thereunder. Accordingly, there is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar choice of forum provisions in other companies’ charter documents has been challenged in legal
proceedings. While the Delaware courts have determined that such exclusive forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions, and there
can be no assurance that such provisions will be enforced by a court in those other jurisdictions. Any person or entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to these
provisions; however, we note that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. 
 Special
Meeting of Stockholders 
 Our bylaws provide that special meetings of our stockholders may be called only by a majority vote of our
board of directors, by our Chief Executive Officer or by our Chairperson. 
 Advance Notice Requirements for Stockholder Proposals and Director
Nominations 
 Our bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate
candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be received by the company secretary at our principal executive
offices not later than the close of business on the 90th day nor earlier than the opening of business on the 120th day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our bylaws also specify certain requirements as to the form
and content of a stockholders’ meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders. 

Action by Written Consent 
 Subsequent to
the consummation of the offering, any action required or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting of such stockholders and may not be effected by written consent of the stockholders
other than with respect to our Class B common stock. 

 Class B Common Stock Consent Right 

For so long as any shares of Class B common stock remain outstanding, we may not, without the prior vote or written consent of the holders
of a majority of the shares of Class B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision of our certificate of incorporation, whether by merger, consolidation or otherwise, if such
amendment, alteration or repeal would alter or change the powers, preferences or relative, participating, optional or other or special rights of the Class B common stock. Any action required or permitted to be taken at any meeting of the
holders of Class B common stock may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B
common stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of Class B common stock were present and voted. 

Securities Eligible for Future Sale 

Immediately after our initial public offering we had 31,250,000 shares of common stock outstanding. Of these shares, the 28,750,000 shares of
Class A common stock sold in our initial public are freely tradable without restriction or further registration under the Securities Act, except for any Class A common stock purchased by one of our affiliates within the meaning of Rule 144
under the Securities Act. All of the outstanding 7,187,500 founder shares and all of the 5,600,000 outstanding private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions not involving a
public offering. 
 Rule 144 
 Pursuant
to Rule 144, a person who has beneficially owned restricted shares or warrants for at least six months would be entitled to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or
at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of
the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale. 
 Persons who have
beneficially owned restricted shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be
entitled to sell within any three-month period only a number of securities that does not exceed the greater of: 
  

	 	•	 1% of the total number of shares of Class A common stock then outstanding, which was 287,500 shares
immediately after our initial public offering; or 

  

	 	•	 the average weekly reported trading volume of the Class A common stock during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale. 

 Sales by our affiliates under Rule 144 are also
limited by manner of sale provisions and notice requirements and to the availability of current public information about us. 
 Restrictions on the Use
of Rule 144 by Shell Companies or Former Shell Companies 
 Rule 144 is not available for the resale of securities initially issued by
shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are
met: 
  

	 	•	 the issuer of the securities that was formerly a shell company has ceased to be a shell company;

  

	 	•	 the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act; 

	 	•	 the issuer of the securities has filed all Exchange Act reports and material required to be filed, as
applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and 

 

	 	•	 at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC
reflecting its status as an entity that is not a shell company. 

 As a result, our initial stockholders will be able to
sell their founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after we have completed our initial business combination. 

Registration Rights 
 The holders of the
founder shares, private placement warrants, and warrants that may be issued upon conversion of working capital loans (and any Class A common stock issuable upon the exercise of the private placement warrants and warrants that may be issued upon
conversion of working capital loans and upon conversion of the founder shares) are entitled to registration rights pursuant to a registration rights agreement, requiring us to register such securities for and any other securities of the Company
acquired by them prior to the consummation of our initial business combination resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders
have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any such
registration statements. 
 Listing of Securities 

Our units, shares of Class A common stock and warrants are listed on the NYSE under the symbols “AMPI.U”, “AMPI” and
“AMPI WS,” respectively.amendedrestatedemploymen

1  THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT  This THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this  “Agreement”) is made and entered into as of the 28th day of March, 2022 (“Agreement Date”), by  and between Kevin S. Kim, an individual residing in La Canada, California ( “Executive”), on the  one hand, and Hope Bancorp, Inc., a Delaware corporation (“Parent”) and Bank of Hope, a  California state chartered bank (the “Bank”) (with the Parent and Bank being collectively referred  to herein as the “Company”), on the other hand.  WHEREAS, Executive is serving as the Chief Executive Officer and President of the  Parent and the Bank pursuant to that certain Second Amended and Restated Employment  Agreement dated April 1, 2017 (“Second Amended and Restated Employment Agreement”);  WHEREAS, the Company wishes to continue the employment of Executive as its Chief  Executive Officer and President, and Executive wishes to continue his employment as the Chief  Executive Officer and President of the Company, under the terms and conditions set forth in this  Agreement;  WHEREAS, this Agreement is intended to amend, restate and replace in its entirety the  Second Amended and Restated Employment Agreement;  NOW, THEREFORE, in consideration of such employment and the mutual covenants and  promises herein contained, and for other good and valuable consideration, the receipt and  sufficiency of which are hereby acknowledged, the Company and Executive agree to amend,  restate and replace the Second Amended and Restated Employment Agreement in its entirety as  follows:  Section 1. Employment. The Parent and the Bank each hereby shall continue to employ  Executive, and Executive hereby accepts such continuing employment, under the terms and  conditions set forth herein.  Section 2. Titles, Positions, Duties and Responsibilities. Executive shall be employed as  the Chief Executive Officer and President of the Parent, and as the Chief Executive Officer and  President of the Bank, and his powers and duties shall be consistent with such offices and  positions. As Chief Executive Officer of the Company, Executive shall supervise and be  responsible for all aspects of the business and affairs of each of the Parent and the Bank, together  with their respective additional subsidiaries.  Section 3. Reporting Responsibilities. Executive shall report to the Board of Directors of  the Parent (“Parent Board”) with respect to his duties and responsibilities as Chief Executive  Officer and President of the Parent and shall report to the Board of Directors of the Bank (“Bank  Board”) with respect to his duties and responsibilities as Chief Executive Officer and President of  the Bank.  Section 4. Time Devoted. Executive shall devote substantially all of his productive time,  ability and attention to, and shall diligently and conscientiously use his best efforts to further, the  EXHIBIT 10.1 

 

2  Company’s business, and shall not perform such services for any person other than the Company.  Allocation of Executive’s time among his duties to and office with the Parent and the Bank,  respectively, will be within Executive’s sole discretion, except as otherwise, specifically directed  by the Parent Board from time to time. Notwithstanding the foregoing provisions of this Section 4,  Executive may devote reasonable time to activities other than those required under this Agreement,  including the supervision of his personal investments, and activities involving professional,  charitable, educational, religious and similar types of organizations, speaking engagements,  membership on the boards of directors of other organizations, and similar activities, to the extent  that such other activities do not inhibit or prohibit the performance of Executive’s duties under this  Agreement, or conflict in any material way with the business or interests of the Company;  provided, however, that Executive shall not serve on the board of directors of any business, or hold  any other position with any other for profit business, without the prior written consent of the Parent  Board.  Section 5. Place of Service. Subject to the need for business travel from time to time,  Executive will be based at the principal executive offices of the Parent located in the greater Los  Angeles metropolitan area.  Section 6. Board Service. Executive is currently serving as a member of the Parent  Board and the Bank Board and Chairman of the Parent Board and the Bank Board. The Company  will use all reasonable efforts to cause Executive to be nominated for re-election each time  Executive’s term as a director expires to the Parent Board, while Executive is employed by the  Parent, and to the Bank Board, while Executive is employed by the Bank. Executive agrees to  serve as a member of the Parent Board and the Bank Board, as well as a member of any  committee(s) of the Parent Board and Bank Board to which Executive may be elected or  appointed, without additional compensation or directors’ fees.  Neither the modification of this  Agreement (including its termination) nor the termination of Executive’s employment (other than  termination by the Company for Cause) will adversely impact the term of Executive’s then current  seats on the Boards.  Section 7. Term; At-Will Employment.   Section 7.01. Term. Subject to the provisions for termination set forth in this Agreement,  and notwithstanding the Agreement Date, the initial term of employment under this Agreement  shall begin effective as of and on March 28, 2022 (“Commencement Date”) and, unless sooner  terminated pursuant to this Agreement, shall end on March 31, 2027 (the “Initial Term”). Unless a  Non-Renewal Notice (as defined below) is given prior to the end of the Initial Term, as herein  provided, or Executive’s employment is earlier terminated in accordance with the terms hereof, at  the end of the Initial Term and each anniversary thereof, the period of Executive’s employment  under this Agreement shall be automatically extended for an additional twelve (12) - month period  (each a “Renewal Term”); provided, however that the Term shall not be so extended beyond  March 31, 2029. The Company or Executive may elect to terminate the automatic extension of the  Initial Term or the automatic extension of a Renewal Term by giving written notice of such  election not less than sixty (60) days prior to the end of the Initial Term or the then current  Renewal Term, as applicable (a “Non-Renewal Notice”). The date on which the term of  Executive’s employment under this Agreement expires or is terminated pursuant to the provisions  

 

3  of this Agreement (whether by Non-Renewal or otherwise) shall be referred to herein as the  “Termination Date.” The capitalized word “Term” as used herein shall mean the period beginning  on the Commencement Date and ending on the Termination Date.  Section 7.02. At Will Employment.  Notwithstanding anything to the contrary which may  be contained in this Agreement, Executive’s employment hereunder is at will, which means that  (a) the Company has the right to terminate Executive’s employment hereunder at any time, with or without Cause or reason, or for no reason at all, pursuant to Section 12.04 of this Agreement, and (b) the Company acknowledges that Executive has the right to terminate Executive’s employment hereunder at any time, with or without Good Reason or cause, or for no reason at all, effective upon at least ninety (90) days prior written notice to the Company, pursuant to Section 12.06 of this Agreement. Section 8. Cash Compensation.  Section 8.01. Annual Base Salary. In consideration of the services rendered by Executive  under this Agreement, the Company shall pay Executive an aggregate annual base salary (the  “Annual Base Salary”) at the initial rate of $1,050,000 per calendar year, beginning as of the  Commencement Date. The Annual Base Salary shall be paid in such installments and at such times  as the Company pays its regularly salaried executives. The Parent Board will review at least  annually the Annual Base Salary payable to Executive and may, in its sole discretion, adjust  Executive’s rate of compensation. Any such adjustment in Annual Base Salary shall be and  become the “Annual Base Salary” for purposes of this Agreement from and after the effective date  of such adjustment.  Section 8.02. Annual Bonus. Each fiscal year during the Term, Executive shall be eligible  to earn an annual bonus (“Annual Bonus”), with an annual target bonus opportunity equal to at  least one hundred percent (100%) of Executive’s Annual Base Salary in effect when the Annual  Bonus terms for the year are approved.  The actual Annual Bonus earned may be greater or less  than the target Annual Bonus opportunity, depending on the level of achievement of applicable  goals.  The Annual Bonus may be based on individual and/or Company-related performance  objectives, each of which shall be determined in good faith by the Human Resources and  Compensation Committee of the Parent Board (the “Committee”) and, if required by the  Committee’s charter, then recommended to the Parent Board and Bank Board for approval.  Except as otherwise provided in Section 13.01(b), Executive must remain employed through the  last day of the fiscal year to which the Annual Bonus relates, and must have received at least an  “Acceptable” overall rating in his Chief Executive Officer evaluation for that year, to be eligible to  earn any Annual Bonus for that year.  Each Annual Bonus shall be paid in the year (not later than  March 15th of the year) following the fiscal year to which the bonus relates.  Section 8.03. Payment. All cash compensation (including, without limitation, Annual Base  Salary and Annual Bonuses) payable to Executive under this Agreement shall be paid in  accordance with all relevant Company policies and directives, rules and regulations, and  accounting policies then in effect from time to time and shall be subject to all applicable  employment and withholding taxes. Executive shall be responsible for any taxes resulting from a  determination that any portion of any benefits supplied to him under this Agreement may be  

 

4  reimbursing personal, as well as business expenses.  Section 9. Equity Long-Term Incentive Awards. Each fiscal year during the Term,  Executive shall be granted equity-based incentive awards (the “Equity Awards”) under the Hope  Bancorp 2019 Incentive Compensation Plan (as may be amended from time to time, or a successor  plan) with an aggregate grant date fair value equal to one-hundred and fifty percent (150%) of  Executive’s Annual Base Salary in effect when the awards are granted.  Fifty percent (50%) of  such annual Equity Awards shall contain service-based vesting conditions and the other fifty  percent (50%) of such annual Equity Awards shall contain performance-based vesting conditions.  Subject to the foregoing, the form and terms of the Equity Awards will be determined by the  Committee and may contain service-based and/or performance-based vesting conditions, which  shall be determined in good faith by the Committee.   Section 10.  Supplemental Executive Retirement Plan.  The Company does not currently  have a supplemental executive retirement plan (“SERP”).  At its discretion, the Company may  adopt and implement a SERP during the Term for Executive.  Section 11. Benefits. Except as otherwise provided in this Agreement, in addition to the  compensation, equity incentive awards and, if adopted, SERP described in Sections 8, 9 and 10 of  this Agreement, during the Term Executive shall be entitled to the following additional benefits:  Section 11.01. Paid Vacation. Executive shall be entitled to six (6) weeks paid vacation per  calendar year, such vacation to extend for such periods and shall be taken at such intervals as shall  be appropriate and consistent with the proper performance of Executive’s duties hereunder, as  determined within Executive’s reasonable discretion. All unused vacation at the end of each  calendar year shall accrue; provided, however, that the maximum amount of unused vacation that  can be accrued shall be nine (9) weeks.  Section 11.02. Welfare Benefit Plans. During the Term, Executive and Executive’s family,  as the case may be, shall be eligible for participation in and shall receive all benefits under welfare  benefit plans, practices, policies and programs provided by the Company (including, without  limitation, medical, prescription, dental, disability, salary continuance, employee life, group life,  accidental death and travel accident insurance plans and programs) to the extent applicable  generally to other executives of the Company, as long as they are kept in force by the Company  and provided that Executive meets the eligibility requirements of the respective welfare benefit  plans; provided, however, that Executive shall not be eligible to participate in any severance plan  or policy during the Term. Nothing contained herein shall limit the right of the Company, in its  sole and absolute discretion, to modify, amend or discontinue any of the welfare benefit plans.  Section 11.03. Automobile Benefit. Throughout the Term, Executive shall be entitled to the  exclusive use of a company car of such type and quality as the Company deems reasonable for  Executive’s position.  The Company shall replace such company car from time to time with new  vehicles, such that the company car provided for Executive’s use shall not be older than three (3)  years.  All expenses of maintenance, operation, insurance and other like expenses shall be paid by  the Company or reimbursed by the Company to Executive.  Section 11.04. Reimbursement of Expenses. During the Term, the Company shall  

 

5  reimburse Executive for all reasonable and necessary expenses actually incurred by Executive in  connection with the business affairs of the Company and the performance of Executive’s duties  hereunder, upon presentation of proper receipts or other proof of expenditure and subject to  compliance with such limitations and reporting requirements with respect to such expenses as the  Company may establish from time to time. All reimbursements shall be made by the Company in  the ordinary course of business after Executive presents the proper receipts and other proof of  expenditure to the Company; provided that, in any event, all reimbursements shall be made by the  Company not later than fifteen (15) days after the submission of all required documentation to the  Company.  Section 11.05. Club Memberships.  (a) Executive is a member of the California Club (the “Social Club”) and a member of the Wilshire Country Club (the “Country Club”). The Social Club membership  and the Country Club membership are in the name of Executive.  (b) During the Term, the Company shall reimburse Executive for the monthly membership fees and monthly dues for the Social Club and the Country Club. In addition,  during the Term the Company shall reimburse Executive for all reasonable Company  business related expenses incurred at the Social Club and the Country Club, under the  provisions of Section 11.04 of this Agreement.  Section 11.06. Executive Health Program.  During the Term, the Company shall provide  the Executive with an executive health program offered by Cedars-Sinai Medical Center or a  comparable medical facility selected by the Executive for comprehensive, holistic preventative  health and wellness evaluations and personalized primary care.   Section 11.07. Other Benefit Plans. During the Term, Executive shall be entitled to  participate in all incentive, savings, retirement and pension plans, practices, policies and programs  applicable generally to other executives of the Company as determined by the Parent Board and  the Bank Board, from time to time, as long as they are kept in force by the Company and provided  that Executive meets the eligibility requirements of the respective benefit plans. Nothing contained  herein shall limit the right of the Company, in its sole and absolute discretion, to modify, amend or  discontinue any of the benefit plans.  Section 12.  Termination. Executive’s employment shall terminate at the end of the Term  or earlier as follows:  Section 12.01. Death. Executive’s employment shall automatically terminate upon the  death of Executive and all rights of Executive and Executive’s heirs, executors and administrators  to compensation and other benefits shall cease, except (i) to the extent that any dependents are  enrolled in benefit plans that have continuing application or renewability, and (ii) with respect to  “Accrued Benefits” (as this term is defined in Section 13.01(b)).  Section 12.02. Permanent Disability. In the event Executive is determined to be  “Disabled,” the Company shall have the right, to the extent permitted by applicable law, to  

 

6  terminate Executive’s employment by giving Executive thirty (30) days advance written notice.  For purposes of this Agreement, “Disabled” or “Disability” shall mean the absence of Executive  from Executive’s duties and responsibilities with the Company, or the failure of Executive to  perform a material portion of Executive’s duties and responsibilities hereunder, on a full-time basis  for more than sixty (60) consecutive days or more than one hundred and twenty (120) days in any  given 365-day period, as a result of incapacity due to mental or physical illness (from any cause  whatsoever) which, in the written opinion of a physician selected by the Company or its insurers,  renders Executive unable to perform or incapable of performing a material portion of Executive’s  duties and responsibilities hereunder, after giving effect to the Company providing Executive with  reasonable accommodations for such “Disability”. If, however, Executive or Executive’s legal  representative disputes the written opinion of such physician, then Executive shall be entitled to  obtain a second opinion from a physician of Executive’s choice at Executive’s sole cost and  expense. Should the two physicians disagree, the matter will be submitted to a third physician,  mutually chosen by the parties or, if they cannot agree, by the first and second physician, whose  opinion shall control and constitute the determination of “Disability”. No termination shall occur  until there is a final unobjected to determination of Disability.  Section 12.03. By the Company For Cause. The employment of Executive may be  terminated by the Company for Cause (as defined below) at any time by giving written notice to  Executive, which written notice shall specify in reasonable detail the nature of the facts and  circumstances that the Company believes gives rise to the basis for the “Cause” termination. For  purposes hereof, the term “Cause” shall mean the occurrence of any one or more of the following:  (a) Executive shall have been indicted for, or convicted of, or shall have pleaded guilty or nolo contendere to, any felony, or any crime (other than a felony) that  involves fraud or other moral turpitude;  (b) Executive shall have failed, neglected or refused, either due to willful action or inaction or as a result of gross neglect, to substantially, materially and properly  perform Executive’s duties and responsibilities to the Company under this Agreement  (other than as a result of Disability) that, if capable of being cured, has not been cured  within thirty (30) days after written notice is delivered to Executive by the Parent Board or  Bank Board, or a representative thereof, as applicable, which notice specifies in reasonable  detail the manner in which the Company believes Executive has not substantially  performed his duties and responsibilities and the manner in which a cure may be effected.  If in the good faith determination of the applicable Board, such failure, neglect or refusal is  not capable of being cured, then no such 30-day notice is required to be given;  (c) Executive shall have failed, neglected or refused, either due to willful action or inaction or as a result of gross neglect, to carry out, to the extent of his reasonable  control, the reasonable and lawful instructions of the Parent Board or the Bank Board  (other than as a result of Disability), which instructions are consistent with Executive's  position as Chief Executive Officer and President and Executive’s duties and  responsibilities under this Agreement, which failure, neglect or refusal shall not have been  corrected or suitably supported by Executive within thirty (30) business days following  written notice from the Parent Board or Bank Board, or a representative thereof, as  

 

7  applicable, of such failure, neglect or refusal;  (d) Executive shall have materially breached any provision of Section 14 or Section 15 of this Agreement;  (e) Executive shall have committed, or participated in or authorized, any fraud, embezzlement, misappropriation of funds or other assets, material misrepresentation  (including, without limitation, any material representation of the information contained in  Executive’s resume or application for employment), breach of fiduciary duty or other act of  dishonesty, in each case against or otherwise involving the Company or its businesses and  assets;  (f) Executive shall have engaged in any conduct resulting in a substantial loss or harm to the Company or substantial damage or harm to the reputation of the Company,  unless the conduct in question was undertaken in good faith on an informed basis, with due  care and with a rational business purpose, and based upon the honest belief that such  conduct was in the best interest of the Company;  (g) Provided that counsel to the Company or any lawfully convened Board did not advise or instruct Executive that it was lawful to agree to or participate in the conduct  that is the subject of any such action, Executive shall have been found liable in any SEC or  other civil or criminal securities law action or received or entered into any cease and desist  order with respect to such action (regardless of whether or not Executive admits or denies  liability);  (h) Executive (i) obstructs or impedes, (ii) endeavors to influence, obstruct or impede, or (iii) fails to materially cooperate with, any investigation authorized by the  Parent Board or the Bank Board, or (unless the Parent Board otherwise directs) any  governmental or self-regulatory entity (an “Investigation”); provided, however, that  Executive’s failure to waive the attorney-client privilege relating to communications with  Executive’s own attorney or with Company counsel in connection with an Investigation  shall not constitute “Cause” hereunder;  (i) Executive removes, conceals, destroys, purposely withholds, alters or by any other means falsifies any material that is requested in connection with an Investigation;  (j) Executive is disqualified, barred, ordered or otherwise required by any governmental or self-regulatory authority from serving as an officer or director of the  Company or Executive loses any governmental or self-regulatory license that is reasonably  necessary for Executive to perform Executive’s duties and responsibilities to the Company  under this Agreement, if the disqualification, bar or loss continues for more than thirty (30)  days. While any disqualification, bar or loss continues during Executive’s employment  during such thirty (30) day period, Executive will serve in the capacity contemplated by  this Agreement to whatever extent legally permissible and, if such employment is not  permissible, Executive will be placed on leave (which will be paid to the extent legally  permissible); or  (k) Executive violates the Company’s (i) workplace violence policy or (ii) 

 

8  policies on discrimination, unlawful harassment or substance abuse, provided that such  violation is determined by a competent and thorough internal investigation of the  Company, the written findings of which are presented to Executive or, upon the  disagreement by Executive with the results of the determination arising from such  investigation, the final and non-appealable order of a court of competent jurisdiction that  rules on the alleged violation.  For purposes of this definition of “Cause”, no act or omission by Executive will be “willful” unless  it is made by Executive in bad faith or without a reasonable belief that Executive’s act or omission  was in the best interests of the Company.  Section 12.04. By the Company without Cause. The Company may terminate Executive’s  employment at any time without Cause, or without any other cause or reason, or for no reason at  all, effective thirty (30) days following the receipt by Executive of written notice of such  termination from the Company.  Section 12.05. By Executive for Good Reason.  (a) Executive may terminate Executive’s employment for Good Reason as set forth in this Section 12.05(c) following the occurrence of a Good Reason event. Such  notice must provide a reasonably detailed explanation of the Good Reason. For this  purpose, the term “Good Reason” shall mean: (i) any reduction in Annual Base Salary (ii)  any material reduction or lessening in scope of Executive’s authority, duties or  responsibilities as initially or customarily afforded to the positions held by Executive,  orally, in writing or by custom and practice; (iii) the relocation by the Company of  Executive's primary place of employment with the Company to a location outside of the  Los Angeles metropolitan area; (iv) any requirement that Executive report to another  officer or employee instead of reporting directly to the Parent Board and the Bank Board;  or (v) any other action or inaction that constitutes a material breach or material abuse of  discretion by the Company of its duties and obligations under this Agreement.  (b) The events described in Section 12.05(a)(i) through (v) above shall constitute Good Reason only if: (i) Executive gives the Company written notice of  Executive’s intention to terminate for Good Reason, which written notice shall specify in  reasonable detail the nature of the events, facts and circumstances giving rise to such Good  Reason, within thirty (30) days following the later of the occurrence of such events, facts or  circumstances or Executive’s first awareness of such events, facts or circumstances; and (ii)  the Company fails to cure such events, facts or circumstances so as to remove such Good  Reason within thirty (30) days after receipt of such written notice from Executive.  (c) Executive may terminate Executive’s employment for the Good Reason specified in the written notice referred to in Section 12.05(b)(i) above, if (i) the Company  has failed to cure such events, facts or circumstances so as to remove such Good Reason  within the 30-day cure period referred to in Section 12.05(b)(ii) above and (ii) Executive  gives the Company written notice of such termination (and terminates employment) within  thirty (30) days after the expiration of the 30-day cure period referred to in Section  12.05(b)(ii) above.  

 

9  Section 12.06. By Executive Voluntarily. Executive may terminate Executive’s  employment at any time without Good Reason or without any other cause or reason, or for no  reason at all, effective upon at least ninety (90) days prior written notice to the Company.  Section 13.  Termination Payments, Benefits and Obligations  Section 13.01. Voluntary Termination by Executive without Good Reason, Termination By  Company For Cause, Termination Upon Disability or Death.  (a) Upon any termination of Executive’s employment either (i) voluntarily by Executive without Good Reason as provided in Section 12.06 or otherwise, (ii) by the  Company for Cause as provided in Section 12.03, (iii) due to the Disability of Executive as  provided in Section 12.02, or (iv) as a result of Executive’s death pursuant to Section  12.01, all payments, salary and other benefits hereunder shall cease at the effective date of  such termination.  (b) Notwithstanding the foregoing, Executive shall be entitled to receive from the Company (i) all salary earned or accrued and unpaid through the date Executive’s  employment is terminated, (ii) all Annual Bonuses earned for calendar years completed  prior to the effective date of Executive’s termination to the extent unpaid, (iii) so long as  Executive’s employment hereunder has not been terminated by the Company for Cause and  has not been terminated by the Executive without Good Reason, a pro-rata portion of the  Annual Bonus for the portion of the year completed up to the Termination Date, which  prorated portion will be based on actual performance through the entire year (calculated as  if Executive had remained employed) and will be paid at the same time it would have been  paid had Executive remained employed, (iv) in accordance with Section 11.04 hereof,  reimbursement for any and all monies advanced in connection with Executive’s  employment for reasonable and necessary expenses incurred by Executive, through the date  Executive’s employment is terminated and (v) all other accrued payments and benefits to  which Executive may be entitled under the terms of any applicable compensation  arrangement or benefit plan or program of the Company, including, but not limited to, any  earned and accrued, but unused vacation pay (the foregoing subsections (i)-(v) collectively,  “Accrued Benefits”), except that Accrued Benefits shall not include any entitlement to  severance under any Company severance plan or policy or acceleration of vesting of any  equity-based awards.  (c) Notwithstanding the foregoing, in the event of either (i) termination due to the Disability of Executive as provided in Section 12.02, or (ii) as a result of Executive’s  death pursuant to Section 12.01, then all of Executive’s outstanding equity-based awards  that are unvested as of the effective date of such termination of employment, shall  automatically become fully vested as of the date of such termination of employment under  this subsection; provided, however, that, if any such award is subject to performance  vesting conditions that have not been met, then the award shall automatically become fully  vested at the target number of shares.    Section 13.02. Termination by the Company without Cause or by Executive with Good  

 

10  Reason Before a Change in Control. If Executive’s employment is terminated by the Company  without Cause (and not due to Executive’s Disability), or by Executive with Good Reason, and  such termination is not covered by Section 13.03 below, then Executive shall be entitled to receive  the following amounts and benefits, as Executive’s exclusive right and remedy in respect of such  termination:  (a) Executive’s Accrued Benefits (as this term is defined in Section 13.01(b)); (b) Severance pay (referred to herein as “Severance”) equal to one and one- half (11⁄2) times Executive’s then current Annual Base Salary, payable in a lump-sum  within thirty (30) days after the Termination Date;  (c) All of Executive’s outstanding equity-based awards that are unvested as of the effective date of such termination of employment referred to in this Section 13.02, shall  automatically become fully vested as of the date of such termination of employment;  provided, however, that, if any such award is subject to performance vesting conditions that  have not been met, then the award shall automatically become fully vested at the target  number of shares; and  (d) If Company has adopted a SERP for Executive, all amounts and other benefits to be provided to Executive under the SERP that (i) have been accrued as of the  date immediately preceding the effective date of such termination of employment, (ii) are  subject only to time-based vesting requirements as of the day immediately preceding the  effective date of such termination of employment, and (iii) are unvested as of the day  immediately preceding the effective date of such termination of employment referred to in  this Section 13.02, shall automatically become fully vested as of the date of such  termination of employment.  (e) Notwithstanding any other provision of this Agreement to the contrary, any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and  conditioned upon their compliance with 12 U.S.C. § 1828(k) and any regulations  promulgated thereunder, including 12 C.F.R. Part 359.  Section 13.03. Termination by the Company without Cause or by Executive with Good  Reason After a Change in Control. If Executive’s employment is terminated by the Company  without Cause (and not due to Executive’s Disability), or by Executive with Good Reason, after a  “Change in Control” (as defined in Exhibit B annexed to this Agreement) and prior to the first  anniversary of such Change in Control, then Executive shall be entitled to receive the amounts and  benefits set forth in Section 13.02, except that the Severance amount shall be equal to two and one- half (21⁄2) times Executive’s then current Annual Base Salary.  Section 13.04. Termination by Non-Renewal. If Executive’s employment is terminated (i)  by the Company or by Executive pursuant to a Non-Renewal Notice, or (ii) by expiration of this  Agreement after two Renewal Terms, then Executive shall be entitled to receive the following  amounts and benefits, as Executive’s exclusive right and remedy in respect of such termination:  

 

11  (a) Executive’s Accrued Benefits (as this term is defined in Section 13.01(b)), and  (b) All of Executive’s outstanding equity-based awards that are unvested as of the effective date of such termination of employment referred to in this Section 13.04, shall  automatically become fully vested as of the date of such termination of employment;  provided, however, that, if any such award is subject to performance vesting conditions that  have not been met, then the award shall automatically become fully vested at the target  number of shares.  .  Section 13.05. Release Agreement. All payments under this Section 13 (other than Accrued  Benefits (as this term is defined in Section 13.01(b)) are conditioned on Executive executing a  Release Agreement in the form attached hereto as Exhibit A (the “Release Agreement”) (which  Release Agreement may be updated by the Company from time to time but only to reflect changes  in applicable law from and after the date of this Agreement) within twenty one (21) days following  the Termination Date (or forty-five (45) days following the Termination Date if Executive’s  termination is part of a group termination as set forth in 29 U.S.C. §626(f)(1)(F)(ii)), and not  revoking any of his obligations under the Release Agreement within any applicable revocation  period (the “Release Expiration Date”). For the avoidance of doubt, and notwithstanding anything  to the contrary contained herein, in the event (i) the Release Agreement is not executed by  Executive within twenty-one (21) or forty-five (45) days of the Termination Date, as the case may  be, or (ii) is executed by Executive within such applicable period but is revoked within any  applicable revocation period,  Executive shall forfeit the right to any payments and benefits under  this Section 13 (other than Accrued Benefits as defined in Section 13.01(b)) and benefits already  vested as of the Termination Date), including, without limitation, Severance. In any case where the  Termination Date and the Release Expiration Date fall in two separate taxable years, any payments  required to be made to Executive that are conditioned on the Release Agreement and are treated as  “nonqualified deferred compensation” within the meaning of Section 409A (as defined in Section  19.03) shall be made in the second taxable year.  Section 13.06. Offset. The Company shall be entitled to set off against the Severance  payable to Executive under this Section 13 any undisputed amounts owed to the Company by  Executive; provided, however, that in no event shall any payment under this Agreement that  constitutes “nonqualified deferred compensation” within the meaning of Section 409A (as defined  in Section 19.03) be subject to offset by any other amount unless otherwise permitted by Section  409A. Any of the disputed amounts must be pursued under the provisions of Section 19.10 herein  and may not be unilaterally charged by the Company against any Severance otherwise due.  Section 13.07. Accrued Benefits. Notwithstanding anything else herein to the contrary, all  Accrued Benefits (as this term is defined in Section 13.01(b)) to which Executive (or Executive’s  estate or beneficiary) is entitled shall be payable in cash or requested wire transfer on the earlier of  the date required for such payment under applicable law or within thirty (30) days following  termination of Executive’s employment, except as otherwise specifically provided herein, or under  the terms of any applicable policy, plan or program.  Section 13.08. No Other Benefits. Except as specifically provided in this Section 13,  

 

12  Executive shall not be entitled to any other compensation, severance or other employment benefits  from the Company or any of its subsidiaries or affiliates upon the termination of Executive’s  employment.  Section 13.09. Survival of Certain Provisions. Provisions of this Agreement shall survive  any termination of employment if so provided herein or if necessary or desirable to fully  accomplish the purposes of such provision, including, without limitation, the obligations of  Executive under Sections 14 and 15 hereof and the obligations of the Company under Section 13  hereof. The obligation of the Company to make payments to or on behalf of Executive under  Section 13 hereof is expressly conditioned upon Executive’s continued full performance of his  obligations under Sections 14 and 15 hereof.  Section 13.10. Public Statement of Termination.  In the event Executive’s employment  terminates for any reason, the Company and Executive, or their respective representatives, shall  negotiate in good faith in an effort to mutually agree upon a public statement pertaining to  Executive’s termination of employment, and the terms of said statement shall not be subject to  subsequent modification by either party unless required by law; provided, however, that in the  event the Company and Executive are unable in good faith to agree on such a statement, the  Company may make public statements as are necessary to comply with applicable law.  Section 13.11. Golden Parachute Limitation. Any compensation and benefits payable or  provided (or to be paid or provided) to Executive under this Agreement or any other agreement,  plan or arrangement, including, without limitation, the compensation and benefits set forth in  Section 13 of this Agreement will be reduced as provided below to avoid the penalties imposed on  “Parachute Payments” (as defined in Section 13.11(a) below) under the Internal Revenue Code of  1986, as amended.  (a) If the present value of all Executive’s Severance and other payments and benefits provided under this Agreement or any other agreement, plan or arrangement is  high enough to cause any such payment or benefit to be a “parachute payment” (as defined  in Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended) (a “Parachute  Payment”), then one or more of such payments and benefits will be reduced by the  minimum amount required to prevent any such payments and benefits from being a  Parachute Payment.  (b) If a reduction in the payments or benefits is necessary and none of the payments or benefits constitute “nonqualified deferred compensation” within the meaning  of Section 409A (as defined in Section 19.03), then the reduction shall occur in the manner  Executive elects in writing. If any such payments or benefits constitute “nonqualified  deferred compensation” within the meaning of Section 409A (as defined in Section 19.03)  or if Executive fails to elect an order, then the payments and/or benefits to be reduced will  be determined in a manner which has the least economic cost to Executive and, to the  extent the economic cost is equivalent, will be reduced in the inverse order of when  payment would have been made to Executive, until the reduction is achieved.  (c) The determination of whether the present value of all of Executive’s Severance and other payments and benefits provided by the Company under this  

 

13  Agreement is high enough to cause any such payment to be a Parachute Payment, and the  amount of the reduction (and, if applicable, the ordering of such reduction pursuant to the  second sentence of Section 13.10(b)) necessary to prevent the Severance and other  payments and benefits under this Agreement from being such a Parachute Payment, shall  be made by an accounting firm selected by the Parent Board prior to the applicable Change  in Control and shall be binding and conclusive on Executive.  Section 13.12 Resignation from Positions.  As of the Termination Date, Executive shall  resign from all positions held with the Company (including as an officer, trustee, general partner or  in any other capacity in which he is serving with any entity at the request of the Company or by  reason of his service for the Company) other than his director positions on the Parent Board and  the Bank Board.  Section 13.13 Post-Termination Cooperation.  From and after the Termination Date,  Executive agrees to cooperate fully with the Company in connection with any existing or future  investigations, claims, litigation, audits or similar actions involving the Company or its affiliates,  whether administrative, civil or criminal in nature, in which and to the extent the Company deems  Executive’s cooperation necessary or desirable. The Company shall pay all reasonable,  documented travel and other expenses incurred by Executive in connection with providing his  cooperation if the expenses and costs are approved in advance in writing by the Company.  Executive also agrees to respond to requests from the Company and its counsel for information  needed to prepare such operational, financial and other reports, filings and documents that relate to  the time period during which Executive provided services to the Company or to the termination of  his services.    Section 14.  Confidential and Proprietary Information; Non-Disclosure of Third Party  Information.   (a) As a condition of Executive’s employment, Executive will hold all the Company’s confidential and proprietary information in confidence and will not disclose,  use, copy, publish, summarize, or remove from the premises of the Company any  proprietary or confidential information, except as is necessary to carry out his assigned  responsibilities as a Company employee. “Confidential” and “Proprietary” Information  shall have the meaning described in the Company’s Code of Ethics and Business Conduct,  and shall include, but is not limited to, all information related to any aspect of the business  of the Company that is either information not known by actual or potential competitors of  the Company or is proprietary information of the Company, whether of a technical nature  or otherwise. Such information includes promotional methods, marketing plans, and trade  secrets, lists of customer names and information or personnel lists of suppliers, business  plans, business opportunities, or financial statements to the extent not publicly available.  (b) Executive represents, warrants and covenants that Executive shall not disclose to the Company, or use, or induce the Company to use, any proprietary  information or trade secrets of others at any time, including, but not limited, to any  proprietary information or trade secrets of any former employer, if any. Executive  acknowledges and agrees that any violation of this provision shall be grounds for  Executive’s immediate termination and could subject Executive to substantial civil  

 

14  liabilities and criminal penalties. Executive further specifically and expressly  acknowledges that no officer or other employee or representative of the Company has  requested or instructed Executive to disclose or use any such third party proprietary  information or trade secrets.  (c) Notwithstanding anything to the contrary in this Agreement, Executive understands that nothing in this Agreement, including this Section 14, is intended to  prohibit Executive, and Executive is not prohibited, from reporting possible violations of  law to, filing charges with, or making disclosures protected under the whistleblower  provisions of U.S. federal law or regulation, or participating in investigations of U.S.  federal law or regulation by the U.S. Securities and Exchange Commission, National Labor  Relations Board, Equal Employment Opportunity Commission, the Occupational Safety  and Health Administration, the U.S. Department of Justice, the U.S. Congress, any U.S.  agency Inspector General or any self-regulatory agencies or federal, state or local  governmental agencies (collectively, “Government Agencies,” and each a “Government  Agency”). Accordingly, Executive does not need the prior authorization of the Company to  make any such reports or disclosures or otherwise communicate with Government  Agencies and is not required to notify the Company that he has engaged in any such  communications or made any such reports or disclosures.  In addition, Executive is hereby  notified that 18 U.S.C. § 1833(b) states as follows:  “An individual shall not be held criminally or civilly liable under any Federal or  State trade secret law for the disclosure of a trade secret that—(A) is made—(i)  in confidence to a Federal, State, or local government official, either directly or  indirectly, or to an attorney; and (ii) solely for the purpose of reporting or  investigating a suspected violation of law; or (B) is made in a complaint or other  document filed in a lawsuit or other proceeding, if such filing is made under  seal.”  Accordingly, notwithstanding anything to the contrary in this Agreement, Executive  understands that he has the right to disclose in confidence trade secrets to federal, state, and  local government officials, or to an attorney, for the sole purpose of reporting or  investigating a suspected violation of law.  Executive understands that he also has the right  to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the  filing is made under seal and protected from public disclosure.  Executive understands and  acknowledges that nothing in this Agreement is intended to conflict with 18 U.S.C. §  1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18  U.S.C. § 1833(b).  Section 15.  Non-Solicitation of Employees. During the period commencing on the  Agreement Date and ending on the first (1st) anniversary of the Termination Date, Executive shall  not, except on behalf of the Company, directly or indirectly, either alone or with others, solicit or  encourage others to solicit any (i) current employee of the Company or (ii) employee of the  Company whose employment with the Company or its affiliates was or is terminated coincident  with, or within six (6) months prior to or after, the Termination Date, in each case for the purpose  

 

15  of being employed by, or otherwise provide services to, Executive or any business, individual,  partnership, firm, corporation or other entity on whose behalf Executive is acting as an agent,  representative, employee or otherwise, or for the purpose of inducing such employee to leave the  employ of the Company.  Section 16. Remedies. It is specifically understood and agreed that any breach of the  provisions of Sections 14 or 15 of this Agreement would result in irreparable injury to the  Company and that the remedy at law alone will be an inadequate remedy for such breach, and that  in addition to any other remedy it may have, the Company shall be entitled to enforce the specific  performance of this Agreement by Executive and to seek both temporary and permanent injunctive  relief (to the extent permitted by law) without bond and, except for the rights under Section  19.10(c) herein, without liability should such relief be denied, modified or violated. Neither the  right to obtain such relief nor the obtaining of such relief shall be exclusive or preclude the  Company from any other remedy.  Section 17. Severable Provisions. The provisions of this Agreement are severable and the  invalidity of any one or more provisions shall not affect the validity of any other provision. In the  event that a court of competent jurisdiction shall determine that any provision of this Agreement or  the application thereof is unenforceable in whole or in part because of the duration or scope  thereof, the parties hereto agree that said court in making such determination shall have the power  to reduce the duration and scope of such provision to the extent necessary to make it enforceable,  and that the Agreement in its reduced form shall be valid and enforceable to the fullest extent  permitted by law. The parties further agree that, if the court is unwilling to reduce the duration or  edit the scope of such provision, and elects to simply negate or excise it, the Agreement in its  modified state shall continue to be valid and enforceable as between the parties so long as the  negated or excised portion is not a material part or a material provision of this Agreement.  Section 18. Notices. All notices required or permitted to be given under this Agreement,  to be effective, shall be in writing and shall be delivered by hand (deemed accepted on delivery),  sent by overnight courier (deemed accepted on the day following the date evidenced by the carrier  of delivery to it) or mailed by certified mail (deemed accepted five (5) days following the date  reflected on the certificate of mailing), in each case, postage and fees prepaid, as follows:  If to the Company or the Bank, then to:  Hope Bancorp, Inc.  3200 Wilshire Blvd., Suite 1400  Los Angeles, CA 90010  Attention: Legal Department  with copies (which shall not constitute notice) to:  Morrison & Foerster LLP  707 Wilshire Boulevard, Suite 6000  Los Angeles, California 90017  Attention: Henry M. Fields  

 

16  If to Executive:                                                            , or  to his last address set forth on the payroll records of the Company.  With copies (which shall not constitute notice) to:  Blank Rome, LLP  2029 Century Park East  Sixth Floor  Los Angeles, California 90067  Attention: Jeffrey R. Richter  or to such other address as a party may notify the other pursuant to a notice given in accordance  with this Section 18.  Section 19. Miscellaneous.  Section 19.01. Amendment. This Agreement may not be amended or revised except by a  writing signed by the parties.  Section 19.02. Assignment and Transfer. The obligations of Executive may not be  delegated and Executive may not, without the Company’s prior written consent thereto, assign,  transfer, convey, pledge, encumber, hypothecate or otherwise dispose of this Agreement or any  interest herein. Any such attempted delegation or disposition shall be null and void and without  effect. The Company and Executive agree that this Agreement and all of the Company’s rights and  obligations hereunder may be assigned or transferred by the Company to and may be assumed by  and become binding upon and may inure to the benefit of any affiliate of or successor to the  Company. The term “successor” shall mean (with respect to the Company) any other corporation  or other business entity that, by merger, consolidation, stock purchase, purchase of the assets, or  otherwise, acquires all or a material part of its assets. Any assignment by the Company of its  respective rights or obligations hereunder to any affiliate of or successor to the Company shall not  be a termination of employment for purposes of this Agreement. Nothing in this Section 19.02  shall obviate the provisions of Exhibit B regarding Change in Control.  Section 19.03. Section 409A.  (a) To the maximum extent permitted under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the Severance and other payments  and benefits payable to Executive under this Agreement are intended to be exempt from  Section 409A in reliance on the “separation pay exception” under Section 1.409A- 1(b)(9)(iii) of the Department of Treasury final regulations and/or the “short-term deferral  exception” under Section 1.409A-1(b)(4) of the Department of Treasury final regulations.  To the extent any provision of this Agreement is ambiguous as to its compliance with  Section 409A (or an exemption therefrom), such provision will be read in such a manner so  

 

17  that all payments hereunder comply with Section 409A (or an exemption therefrom). The  parties hereto acknowledge and agree that the interpretation of Section 409A and its  application to the terms of this Agreement is uncertain and may be subject to change as  additional guidance and interpretations become available. In no event shall the Company or  an affiliate be liable for any additional tax, interest or penalty that may be imposed on  Executive pursuant to Section 409A or damages for failing to comply with Section 409A.  Anything to the contrary herein notwithstanding, all benefits or payments provided by the  Company to Executive that would be deemed to constitute “nonqualified deferred  compensation” within the meaning of Section 409A are intended to comply with Section  409A. If, however, any such benefit or payment is deemed to not comply with Section  409A, the Company and Executive agree to renegotiate in good faith any such benefit or  payment (including, without limitation, as to the timing of any Severance payable  hereunder) so that either (i) Section 409A will not apply or (ii) compliance with Section  409A will be achieved.  (b) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or  benefits subject to Section 409A upon or following a termination of employment unless  such termination is also a “separation from service” as defined in Section 1.409A-1(h) of  the Department of Treasury final regulations, including the default presumptions, and for  purposes of any such provision of this Agreement, references to a “resignation,”  “termination,” “terminate,” “termination of employment” or like terms shall mean  separation from service.  (c) If any payment, compensation or other benefit provided to Executive in connection with Executive’s employment termination is determined, in whole or in part, to  constitute “nonqualified deferred compensation” within the meaning of Section 409A and  Executive is a “specified employee” as defined in Section 409A(a)(2)(B)(i), then no portion  of such “nonqualified deferred compensation” shall be paid before the earlier of (i) the first  regularly scheduled payroll date following the sixth (6th) month after the Termination Date  or (ii) the first regularly scheduled payroll date following Executive’s death (the “New  Payment Date”). The aggregate of any payments that otherwise would have been paid to  Executive during the period between the Termination Date and the New Payment Date  shall be paid to Executive in a lump sum on such New Payment Date. Thereafter, any  payments that remain outstanding as of the day immediately following the New Payment  Date shall be paid without delay over the time period originally scheduled, if applicable, in  accordance with the terms of this Agreement. Notwithstanding the foregoing, to the extent  that the foregoing applies to the provision of any ongoing welfare benefits to Executive that  would not be required to be delayed if the premiums therefor were paid by Executive,  Executive shall pay the full cost of premiums for such welfare benefits during the six- month period and the Company shall pay Executive an amount equal to the amount of such  premiums paid by Executive during such six-month period promptly after its conclusion.  Subject to any subsequent changes to applicable laws and regulations, it is specifically  agreed that the amounts payable under Section 13.02(b) and 13.03(b) are exempt from  Section 409A under the “separation pay exception” under Section 1.409A-1(b)(9)(iii)  and/or the “short-term deferral exception” under Section 1.409A-1(b)(4) of the Department  

 

18  of Treasury final regulations and, therefore, are not subject to the six month delay  requirement of this Subsection (c).  (d) All reimbursements for costs and expenses under this Agreement shall be paid in no event later than the end of the taxable year of Executive following the taxable  year in which Executive incurs such expense. With regard to any provision herein that  provides for reimbursement of costs and expenses or in-kind benefits, except as permitted  by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to  liquidation or exchange for another benefit and (ii) the amount of expenses eligible for  reimbursements or in-kind benefits provided during any taxable year shall not affect the  expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable  year, provided, however, that the foregoing clause (ii) shall not be violated with regard to  expenses reimbursed under any arrangement covered by Section 105(b) of the Internal  Revenue Code of 1986, as amended, solely because such expenses are subject to a limit  related to the period the arrangement is in effect.  (e) For purposes of Section 409A, Executive’s right to receive any installment payments, if any, pursuant to this Agreement shall be treated as a right to receive a series of  separate and distinct payments.  (f) Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days  following the Termination Date”), the actual date of payment within the specified period  shall be within the sole discretion of the Company.  Section 19.04. Recoupment Policy. Executive hereby understands and agrees that  Executive is subject to the Company’s recoupment policy as well as the Company’s superseding  claw back policy (as such policy may be amended and updated from time to time). Under the  policy applicable to the Company’s senior executives as of the Agreement Date, subject to the  discretion and approval of the Parent Board and the Bank Board, as applicable, the Company may,  to the extent permitted by governing law, require reimbursement or forfeiture of any bonus or  other incentive compensation, including stock-based compensation, awarded to Executive if: (a)  the award was predicated upon the achievement of certain financial results that were subsequently  the subject of a restatement, and (b) a lower award would have been made to Executive based upon  the restated financial results. In each instance, the Company may seek to recover any excess  amounts paid in cash or seek recovery of any gain from such incentive or stock-based  compensation received by Executive within the relevant period.  Section 19.05. Compliance with Safety and Soundness Standards. Notwithstanding  anything contained herein to the contrary, in no event shall the total compensation paid out upon  the departure of Executive to Executive be in excess of that considered by the Federal Deposit  Insurance Corporation, Federal Reserve Board, or the California Commissioner of Financial  Institutions to be safe and sound at the time of such payment, taking into consideration all  applicable laws, regulations, or other regulatory guidance. Any payments made to Executive,  pursuant to this Agreement or otherwise, are subject to and conditioned upon compliance with 12  U.S.C. Section 1828(k) and any regulations promulgated thereunder.  

 

19  Section 19.06. Waiver of Breach. A waiver by the Company or Executive of any breach of  any provision of this Agreement by the other party shall not operate or be construed as a waiver of  any other or subsequent breach by the other party. Under no circumstances shall Executive be  deemed to have waived any rights that are non-waivable under applicable law.  Section 19.07. Entire Agreement. This Agreement contain the entire agreement of the  parties with respect to the subject matter hereof and supersedes all prior understandings and  agreements among the parties, whether written or oral.  Section 19.08. Captions. Captions herein have been inserted solely for convenience of  reference and in no way define, limit or describe the scope or substance of any provision of this  Agreement.  Section 19.09. Governing Law. This Agreement shall be construed under and enforced in  accordance with the laws of California.  Section 19.10. Dispute Resolution.  (a) The parties hereby agree that any controversy or claim arising out of or relating to this Agreement, including the arbitrability of any controversy or claim, which  cannot be settled by mutual agreement, will be finally settled by binding arbitration in  accordance with the American Arbitration Association Employment Dispute Resolution  Procedures and Rules (“AAA Rules”) as follows: Any party who is aggrieved will deliver a  notice to the other party setting forth the specific points in dispute. Any points remaining in  dispute twenty (20) days after the giving of such notice may be submitted to arbitration in  Los Angeles, California, to the American Arbitration Association or any other recognized  dispute resolution service provider, upon ten (10) days’ notice to the other party. The  arbitration shall be held and conducted before a single arbitrator appointed in accordance  with the AAA Rules, as such Rules may be amended from time to time and modified only  as herein expressly provided. The arbitrator may enter a default decision against any party  who fails to participate in the arbitration proceedings.  (b) The decision of the arbitrator on the points in dispute will be final, unappealable and binding, and judgment on the award may be entered in any court having  jurisdiction thereof. The parties agree that this Agreement has been entered by the parties to  rapidly and inexpensively resolve any disputes between them and that this Agreement will  be grounds for dismissal of any court action commenced by either party with respect to this  Agreement, other than post-arbitration actions seeking to enforce an arbitration award.  (c) As part of the arbitrator’s decision, the arbitration shall also determine which party is the prevailing party in such arbitration and which party is the non-prevailing  party in such arbitration. The non-prevailing party in the arbitration shall pay, and if  appropriate, reimburse the prevailing party for all fees and expenses of the arbitrator and  the arbitration and all of the reasonable attorneys’ fees and expenses incurred by the  prevailing party in connection with the arbitration; provided, however, that, if Executive is  determined to be the non-prevailing party, with respect to the fees and expenses of the  

 

20  arbitrator and the arbitration, Executive shall be required to pay only a portion of the fees  of the arbitrator that is equal to the filing fee Executive would have paid had Executive  filed a lawsuit to resolve the dispute and Executive’s own attorneys’ fees and expenses, and  the Company shall pay the balance of the fees and expenses of the arbitrator and the  arbitration and all of the attorneys’ fees and expenses incurred by the Company in  connection with the arbitration.  (d) The parties will keep confidential, and will not disclose to any person, except as may be required by law, the existence of any controversy hereunder, the referral  of any such controversy to arbitration or the status or resolution thereof.  (e) Executive acknowledges that, prior to the signing of this Agreement, Executive has had a sufficient opportunity to read and has read the AAA Rules.  (f) Executive acknowledges that this Agreement to submit to arbitration includes all controversies or claims of any kind (e.g., whether in contract or in tort,  statutory or common law, legal or equitable) now existing or hereafter arising under any  federal, state, local or foreign law, including, but not limited to, the Age Discrimination in  Employment Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866,  the Employee Retirement Income Security Act, the Family and Medical Leave Act, the  Americans With Disabilities Act, and all similar federal, state and local laws, and  Executive hereby waives all rights thereunder to have a judicial tribunal or a jury determine  such claims.  

 

Section 19.11. Counterparts. This Agreement may be executed in one or more counterparts,  each of which shall be deemed an original and shall have the same effect as if the signatures hereto  and thereto were on the same instrument.  IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as a  sealed instrument as of the day and year first above written.  Parent: Bank:  Hope Bancorp, Inc. Bank of Hope  By: _________________________ By: __________________________  Name:  Scott Yoon-Suk Whang Name:  Scott Yoon-Suk Whang  Title:  Lead Independent Director Title:  Lead Independent Director  By: _________________________ By: __________________________  Name:  Dale S. Zuehls Name:  Dale S. Zuehls  Title:  Chairman, Human Resources & Title:  Chairman, Human Resources &  Compensation Committee Compensation Committee  Executive:  ________________________________  Kevin S. Kim 

 

    A-1  Exhibit A  Form of Release Agreement  This RELEASE AGREEMENT (this “Release Agreement”) is dated as of _ , 20__ and is entered  into between Kevin S. Kim ( “Executive”), on the one hand, and Hope Bancorp, Inc., a Delaware  corporation (the “Parent”) and Bank of Hope, a California state chartered bank (the “Bank”) (with  the Parent and Bank being collectively referred to herein as the “Company”), on the other hand.  WHEREAS, the Company and Executive previously entered into a certain Third Amended  and Restated Employment Agreement dated March 28, 2022 (the “Employment Agreement”);  WHEREAS, the Executive's employment with the Company has terminated effective  _________, 20__; and  WHEREAS, unless otherwise defined in this Release Agreement, all capitalized terms  used in this Release Agreement shall have the meanings set forth in the Employment Agreement;  NOW, THEREFORE, in consideration of the premises and mutual agreements contained  herein and in the Employment Agreement, the Company and the Executive agree as follows:  1. General Release by Executive.  (a) Except for the “Excluded Company Obligations” (defined in Section 2below), the  Executive, on his own behalf and on behalf of his heirs, estate and beneficiaries, does  hereby release and discharge the Company, and in such capacities, any of its subsidiaries  or affiliates, and each past or present officer, director, agent, employee, shareholder, and  insurer of any such entities, and their respective representatives, attorneys, successors and  assigns (collectively, the “Company Releasees”) from and with respect to any and all  claims, wages, agreements, obligations, demands, actions, and causes of actions, whether  known or unknown, suspected or unsuspected, concealed or hidden (collectively, the  “Claims”), of any kind whatsoever, including, without limitation, all of the following: (i)  any Claims arising out of or in connection with the Employment Agreement; (ii) any  Claims arising out of the Executive’s employment or other service with the Company or  any of its subsidiaries or affiliates; (iii) any Claims arising out of or in connection with the  termination of Executive’s employment with, or his separation from, the Company or any  of its subsidiaries or affiliates; (iv) any Claims for severance pay, bonus or similar benefit,  sick leave, pension, retirement, vacation pay, life insurance, health or medical insurance or  any other fringe benefit; (v) any Claims for any benefits arising from any ERISA benefit  plan, workers’ compensation or disability; (vi) any other Claims arising out of any act  committed or omitted during or after the existence of Executive’s employment or other  service relationship with the Company or any of its subsidiaries or affiliates, all up through  and including the date on which this Release Agreement is executed by the Executive,  including, without limitation, any Claim arising in tort, contract or violation of applicable  law; and (vii) any Claims under Title VII of the Civil Rights Act of 1964 (“Title VII”); the  Civil Rights Act of 1991; the Civil Rights Acts of 1866 and/or 1871, 42 U.S.C. Section  

 

A-2 1981; the Americans With Disabilities Act of 1990 (“ADA”), 42 U.S.C § 12101 et seq.;   the Family Medical Leave Act, 29 U.S.C. § 2601 et seq.; the California Labor Code; the  California Fair Employment and Housing Act (“FEHA”), Cal. Gov. Code § 12900 et seq.;  the Occupational Safety and Health Act (“OSHA”), 29 U.S.C. § 651 et seq. or any other  health/safety laws, statutes or regulations; the Employee Retirement Income Security Act  of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq.; the Internal Revenue Code; the California  Family Rights Act (“CFRA”), Cal. Gov. Code § 12945 et seq.;  including any  amendments to or regulations promulgated under these statutes and including the similar  laws of any other states, any state human rights act, or any other applicable federal, state  or local employment statute, law or ordinance, which Executive had, now have, or may  have in the future against each or any of the Company Releasees from the beginning of the  world until and including the Execution Date.    (b) The release set forth in this Section 1 does not prevent Executive from filing a charge with or participating in an investigation by a governmental administrative  agency; provided, however, that Executive waives any right to receive any monetary  award resulting from such a charge or investigation, including, without limitation, interest,  penalties, fines, and attorneys’ fees.  (c) Executive relinquishes any right to future employment with the Company and the Company shall have the right to refuse to re-employ Executive, in each  case without liability of Executive or the Company or any of its subsidiaries or affiliates  and in the case of termination by the Company for Cause, hereby resigns from all current  Board seats of the Company and the Bank.   2. Excluded Company Obligations. Notwithstanding the provisions of Section 1 above, the Company and Executive acknowledge and agree that the release contained in Section 1  above does not, and shall not be construed to, release, discharge, eliminate, restrict or limit any of  the following (“Excluded Company Obligations”):  (a) the scope of any obligation of the Company to indemnify the Executive for his acts as an officer or director of Company, in accordance with the charter, bylaws of  the Company, applicable law, the Employment Agreement or any other agreement,  (b) the scope of any obligation of the Company to the Executive and his eligible, participating dependents or beneficiaries under any group welfare (excluding  severance), equity, or retirement plan of the Company in which the Executive and/or such  dependents are participants,  (c) the rights, if any, of the Executive or any of the Executive’s affiliates, heirs, estate and beneficiaries, as a holder of any equity or debt securities of the Company,  (d) the obligations of the Company, and the rights and remedies of the Executive, under any Award Agreement entered into by the Executive and the Company,  (e) the obligations of the Company to pay and provide, and the right of the 

 

A-3 Executive to obtain and receive, and the remedies of the Executive to enforce such right to  obtain and receive, any and all Accrued Benefits and Severance to which the Executive is  entitled under the Employment Agreement,  (f) the duties and obligations of the Company under this Release Agreement, and the remedies of the Executive in the event the Company fails to perform or comply  with any such duties and obligation, and  (g) the obligation of the Bank on any deposit obligations owing to the Executive.  3. ADEA Release. Executive also expressly acknowledges and agrees that, in addition to the general and specific releases set forth in Section 1 above, Executive is waiving and releasing any and all rights or claims against the Company Releasees that Executive may have arising under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”). Executive also expressly acknowledges and agrees that: (a) In return for the releases set forth herein, Executive will receive consideration in addition to that which Executive was already entitled to receive before  entering into this Release Agreement, including, without limitation, the Severance;  (b) Company has advised Executive to consult with an attorney before signing this Release Agreement;  (c) Executive has been given twenty-one (21) calendar days to consider this Release Agreement, or, in the case of a group termination as set forth in 29 U.S.C.  §626(f)(1)(F)(ii), forty-five (45) days; (d) In the case of a group termination as set forth in 29 U.S.C. §626(f)(1)(F)(ii), Executive has been provided the information required by 29 U.S.C. §626(f)(1)(H); (e) Executive is informed that Executive has seven (7) days following the date of execution of this Release Agreement by Executive in which to revoke in writing the  release of claims under ADEA, understanding that this Release Agreement will not be  effective or enforceable until this seven (7)- day revocation period has expired without  Executive having exercised Executive’s right of revocation. If Executive does exercise  Executive’s right to revoke the release of claims under the ADEA in writing within said  seven (7)-day revocation period pursuant to this Section, then this Release Agreement  shall be of no force or effect, and the Company shall not provide any of the Severance;  and  (f) Executive understands that this Release Agreement must be returned to the Company within twenty-one (21) days, or, in the case of a group termination as set forth in  29 U.S.C. §626(f)(1)(F)(ii), forty-five (45) days, after it is received by Executive.  

 

A-4 4. General Release by the Company. Except for the “Excluded Executive Obligations” (defined in Section 5 below), the Company, on behalf of the Parent and the Bank  and on behalf of their respective subsidiaries and affiliates, and their respective successors and  assigns, does hereby release and discharge Executive, together with his representatives, heirs,  attorneys, successors and assigns (together, the “Executive Releasees”), from and with respect to  any and all claims, agreements, obligations, demands, actions, and causes of actions (collectively,  the “Executive Claims”) that the Company has against Executive as of the date of execution of  this Release Agreement by the Company, but in each case only those Executive Claims against  Executive with respect to which the Company has actual or constructive knowledge, all up  through and including the date on which this Release Agreement is executed by the Company  (collectively, the “Company Known Claims”).  5. Excluded Executive Obligations. Notwithstanding the provisions of Section 4 above, the Company and the Executive acknowledge and agree that the release contained in  Section 4 above does not, and shall not be construed to, release, discharge, eliminate, restrict or  limit any of the following (“Excluded Executive Obligations”):  (a) the scope of any obligation of Executive to cooperate in connection with the Company’s obligation to indemnify Executive for his acts as an officer or director of  Company, in accordance with the charter, bylaws of the Company, applicable law, the  Employment Agreement or any other agreement;  (b) the obligations of Executive, and the rights and remedies of the Company, under any Award Agreement entered into by Executive and the Company,  (c) the duties and obligations of Executive under the Employment Agreement arising after the date of execution of this Release Agreement by the Company, and the  remedies of the Company in the event Executive fails to perform or comply with any such  duties and obligations,  (d) the duties and obligations of Executive under this Release Agreement, and the remedies of the Company in the event Executive fails to perform or comply with any  such duties and obligation,   (e) any claims, actions and causes of action that the Company has or may have against Executive with respect to which the Company did not have actual or constructive  knowledge prior to the date of execution of this Release Agreement by the Company; and  (f) the obligations of Executive on any extensions of credit by the Company to Executive.  6. Section 1542. The releases set forth in Sections 1, 3 and 4 above shall be effective as a full and final accord and satisfaction and release of and from all liabilities, disputes, claims  and matters covered under such releases, known or unknown, suspected or unsuspected. In  furtherance of this intention, each of Executive and Company acknowledges that each has been  informed of the provisions of Section 1542 of the California Civil Code, and each of them does  hereby expressly waive and relinquish all rights and benefits each of them has or may ever have  

 

A-5 had under that section, which provides as follows:  A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS  WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO  EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING  THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST  HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT  WITH THE DEBTOR.  Having been apprised of Section 1542, each of Executive and Company waives and relinquishes  any right or benefit that each of them may have under Section 1542 of the Civil Code of the State  of California. In connection with such waiver and relinquishment, each of Executive and  Company acknowledges that each of them may hereafter discover claims or facts in addition to or  different from those that each of them now knows or believes to exist with respect to Executive or  the Company, as applicable, or the subject matter of the releases, but that it is the intention of each  of them hereby fully, finally and forever to settle and release all of the matters, disputes and  differences, known and unknown, suspected or unsuspected, which now exist, may exist, or  heretofore have existed, between each of them, except as otherwise provided in such releases. In  furtherance of this intention, the releases herein shall be and remain in effect as a full and  complete general releases (except as otherwise provided in such releases) notwithstanding the  discovery or existence of any such additional or different claims or facts.  7. Absence of Complaints. Executive represents that, except for anonymous whistleblower complaints filed with the SEC or other similar regulatory agencies, Executive has  not initiated, filed, or caused to be filed any Claims against any of the Company Releasees.  Executive further agrees not to initiate, file, cause to be filed, or otherwise pursue any Claims,  either as an individual on his own behalf, or as a representative, member or shareholder in a class,  collective or derivative action and further agrees not to encourage any person, including any  current or former employee of the Company Releasees, to file any kind of Claim against the  Company Releasees.  Executive, however, retains the right to challenge the validity of the waiver  of Executive’s Claims under the ADEA set forth in Sections 3 of this Release Agreement.  8. Non-Disparagement. Neither the Executive nor the Company will disparage the other party, or make any remarks or statements that could reasonably be construed as disparaging  of the other party. The foregoing restriction shall not prohibit either party, directly or through his  or its representatives, from giving truthful testimony in any legal proceeding pending before any  agency or court of the United States or state government or in any arbitration or other legal  proceedings relating to this Agreement; nor will it prohibit either party from defending or  explaining outside of any such proceeding any violation by the other party of the foregoing  restriction.  9. Modifications or Alterations by Executive; Amendment; Waivers. This Release Agreement must be signed and returned to the Company by Executive without any modification  or alteration by Executive. Any modification or alteration of any terms of this Release Agreement  made by Executive when it is submitted or returned by Executive to the Company shall render  

 

A-6 this Release Agreement void in its entirety and this Release Agreement shall be of no force or  effect, and Executive shall not be considered to have executed or delivered this Release  Agreement to the Company or otherwise for any purpose. This Release Agreement may be  modified or amended only by a writing signed by both the Company and Executive and no waiver  of any provision in this Release Agreement shall be binding on any party unless such waiver is in  writing and signed by such party.  10. Miscellaneous. This Release Agreement shall be governed by, interpreted under and enforced, in accordance with the laws of the State of California, excluding such state’s  conflict of laws principles. If any provision of this Release Agreement or its application is held  invalid, the invalidity shall not affect other provisions or applications of the Release Agreement  which can be given effect without the invalid provisions or application and, therefore, the  provisions of this Release Agreement are declared to be severable. Except as otherwise  specifically provided herein, this Release Agreement constitutes the entire agreement of the  parties with respect to Executive’s employment with and separation from the Company, and  supersedes all prior negotiations and all agreements, whether written or oral. This Release  Agreement is binding on and enforceable against the heirs, successors and assigns of Executive  and the Company. This Release Agreement is not and shall not be construed as an indication that  the Company or Executive may have engaged in any wrongful conduct. This Release Agreement  may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of  a signed original. Photographic and facsimile copies of such signed counterparts may be used in  lieu of the originals for any purpose.  11. Certain Acknowledgments by Executive. Executive has read and understands this Release Agreement and voluntarily signs it without coercion, acknowledging that the benefits  herein are adequate and the only consideration for this Release Agreement. Executive confirms  that no promise or inducement not contained in this Release Agreement has been offered or made  to cause Executive to sign this Release Agreement. In addition, Executive acknowledges that  Executive was given twenty-one (21) days or, in the case of a group termination as set forth in 29  U.S.C. §626(f)(1)(F)(ii), forty-five (45) days, to consider this Release Agreement. If Executive  signs and dates this Release Agreement and returns it to the Company before the expiration of  such twenty-one (21) day period, or, in the case of a group termination as set forth in 29 U.S.C.  §626(f)(1)(F)(ii), forty-five (45) days, then Executive acknowledges that Executive voluntarily chose to sign this Release Agreement without regard to that period.  Executive hereby declares under penalty of perjury that all of the foregoing set forth in this Section is true and correct and acknowledges that the Company would not enter into this Release Agreement if any of the foregoing set forth in this Section is not true or correct. 12. Whistleblower; Defend Trade Secrets Act. Notwithstanding anything to the contrary in this Release Agreement, Executive understands that nothing in this Release  Agreement is intended to prohibit Executive and Executive is not prohibited from reporting  possible violations of law to, filing charges with, making disclosures protected under the  whistleblower provisions of U.S. federal law or regulation, or participating in investigations of  U.S. federal law or regulation by the U.S. Securities and Exchange Commission, National Labor  Relations Board, Equal Employment Opportunity Commission, the Occupational Safety and  Health Administration, the U.S. Department of Justice, the U.S. Congress, any U.S. agency  

 

A-7 Inspector General  or any self-regulatory agencies such as the SEC or federal, state or local  governmental agencies (collectively, “Government Agencies,” and each a “Government  Agency”). Accordingly, Executive does not need the prior authorization of Employer to make any  such reports or disclosures or otherwise communicate with Government Agencies and is not  required to notify Employer that he has engaged in any such communications or made any such  reports or disclosures.  Executive agrees, however, to waive any right to receive any monetary  award resulting from such a report, charge, disclosure, investigation or proceeding, except that  Executive may receive and fully retain any award from a whistleblower award program  administered by a Government Agency.  In addition, Executive is hereby notified that 18 U.S.C. §  1833(b) states as follows:  “An individual shall not be held criminally or civilly liable under  any Federal or State trade secret law for the disclosure of a trade  secret that—(A) is made—(i) in confidence to a Federal, State, or  local government official, either directly or indirectly, or to an  attorney; and (ii) solely for the purpose of reporting or investigating  a suspected violation of law; or (B) is made in a complaint or other  document filed in a lawsuit or other proceeding, if such filing is  made under seal.”  Accordingly, notwithstanding anything to the contrary in this Release Agreement, Executive  understands that he has the right to disclose in confidence trade secrets to federal, state, and local  government officials, or to an attorney, for the sole purpose of reporting or investigating a  suspected violation of law.  Executive understands that he also has the right to disclose trade  secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under  seal and protected from public disclosure.  Executive understands and acknowledges that nothing  in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for  disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).  This Release Agreement is executed by the Company and by Executive on the dates  indicated below their signatures below.  Parent:   Hope Bancorp, Inc.  By:_____________________  Name:__________________   Title:___________________  Date of Signature: __________________  Bank:  Bank of Hope  By: ______________________  

 

A-8 Name: ___________________  Title: ____________________  Date of Signature: __________________  Executive  ________________________  Kevin S. Kim  Date of Signature:  ___________________  

 

Exhibit B  Definition of Change in Control  A “Change in Control” shall mean any transaction or series of related transactions as a  result of which:  (a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) or the Securities Exchange Act of 1934, as amended (the  “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d- 3 promulgated under the Exchange Act) of 50% or more of either (i) the then outstanding  shares of common stock of the Parent (the “Outstanding Parent Common Stock”) or (ii)  the combined voting power of the then outstanding voting securities of the Parent entitled  to vote generally in the election of directors (the “Outstanding Parent Voting  Securities”); provided, however, that for purposes of this subsection (a), the following  acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the  Parent, (ii) any acquisition by the Parent, (iii) any acquisition by any employee benefit  plan (or related trust) sponsored or maintained by the Parent or any corporation controlled  by the Parent, or (iv) any acquisition by any corporation pursuant to a transaction which  complies with clauses (i), (ii) and (iii) of paragraph (c) of this definition; or  (b) Individuals who, as of the date hereof, constitute the Parent Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Parent  Board; provided, however, that any individual becoming a director of the Parent  subsequent to the date hereof whose election, or nomination for election by the Parent’s  shareholders, was approved by a vote of at least a majority of the directors then  comprising the Incumbent Board shall be considered as though such individual were a  member of the Incumbent Board, but excluding, for this purpose, any such individual  whose initial assumption of office occurs as a result of an actual or threatened election  contest with respect to the election or removal of directors or other actual or threatened  solicitation of proxies or consents by or on behalf of a Person other than the Board; or  (c) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Parent (a “Business  Combination”), in each case, unless, following such Business Combination, (i) all or  substantially all of the individuals and entities who were the beneficial owners,  respectively, of the Outstanding Parent Common Stock and Outstanding Parent Voting  Securities immediately prior to such Business Combination beneficially own, directly or  indirectly, more than 50% of, respectively, the then outstanding shares of common stock  and the combined voting power of the then outstanding voting securities entitled to vote  generally in the election of directors, as the case may be, of the corporation resulting from  such Business Combination (including, without limitation, a corporation which as a result  of such transaction owns the Parent or all or substantially all of the Parent’s assets either  directly or through one or more subsidiaries) in substantially the same proportions as their  ownership, immediately prior to such Business Combination of the Outstanding Parent  Common Stock and Outstanding Parent Voting Securities, as the case may be, (ii) 

 

B-2 no Person (excluding any corporation resulting from such Business Combination or any  employee benefit plan (or related trust) of the Parent or such corporation resulting from such  Business Combination) beneficially owns, directly or indirectly, 50% or more of,  respectively, the then outstanding shares of common stock of the corporation resulting from  such Business Combination or the combined voting power of the then outstanding voting  securities of such corporation except to the extent that such ownership existed prior to the  Business Combination and (iii) at least a majority of the members of the board of directors  of the corporation resulting from such Business Combination were members of the  Incumbent Board at the time of the execution of the initial agreement, or of the action of the  Parent Board, providing for such Business Combination; or  (d) Approval by the shareholders of the Parent of a complete liquidation or dissolution of the Parent.  For avoidance of doubt a transaction shall not constitute a Change in Control if its  sole purpose is to change the state or jurisdiction of the Parent’s or the Bank’s incorporation.

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