Document:

EXHIBIT
10.1

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT is effective as of January 1, 2018 between FIRST CHOICE BANK, a California state banking corporation, (the
“Bank”), FIRST CHOICE BANCORP (the “Bancorp”), a California corporation (collectively referred to as the
“Company”) with their principal offices at 17785 Center Court Drive, Suite 750, Cerritos, California 90703
(hereinafter “Bank”), and ROBERT M. FRANKO (hereinafter “Executive”) whose present residence address is18
Bridgeport Lane, Manhattan Beach, CA 90266. Executive may be carried on the records of the Bank as an employee and Executive’s
compensation shall be paid by the Bank, subject to the Bank’s right of reimbursement from the Bancorp under other agreements
to which the Executive is not a party.

 

		A.	TERM
                                         OF EMPLOYMENT

 

The
Bank hereby employs Executive, and Executive hereby accepts employment with Bank, for the two (2)-year period (the “Term”)
commencing on January 1, 2018 (the “Effective Date”), through December 31, 2019, subject however to prior termination
as hereinafter provided. Where used herein, “Term” shall refer to the entire period of the employment of Executive
by Bank hereunder, whether for the period provided above, whether terminated earlier as hereinafter provided, or whether renewed
as provided in the next paragraph.

 

The
term hereof shall be automatically renewed for successive one (1) month periods (the “Extended Terms”), unless written
notice is given and received not less than eighteen (18) months prior to the end of the Initial Term or any Extended Term of the
intention of either party not to renew the same. The term for which Executive is employed hereunder (which includes the Initial
Term and, if renewed, the Extended Term) is hereinafter referred to as the “Term.”

 

		B.	DUTIES
                                         OF EXECUTIVE

 

1.
Duties. Executive’s duties under this Employment Agreement include all ordinary and reasonable duties customarily
performed by the full-time President and Chief Executive Officer, subject to the powers by law vested in the Board of Directors
of the Bank and in the Bank’s shareholders. As such, Executive shall oversee the overall operation and development of the
Bank. Executive shall render his services to the Bank and shall exercise such corporate responsibilities as Executive may be directed
by the Board of Directors, and Executive shall perform his duties faithfully, diligently and to the best of his ability, consistent
with the highest and best standards of the banking industry and in compliance with applicable laws and the Bank’s Articles
of Incorporation and Bylaws. Executive will also serve as a member of the Bank’s Board of Directors, subject to all necessary
regulatory approvals.

 

2.
Conflicts of Interest. Executive expressly agrees as a condition to the performance by Bank of its obligations herein that
during the term of his Agreement and of any renewals hereof, he will not, directly or indirectly, render any services of an advisory
nature or otherwise to or become employed by or participate or engage in any business competitive with any businesses of the Bank,
without the prior written consent of the Bank, however, that nothing herein shall prohibit Executive from owning stock or other
securities of a competitor which are relatively insubstantial to the total outstanding stock of such competitor, and so long as
he in fact does not have the power to control or direct the management or policies of such competitor and does not serve as a
director or officer of, and is not otherwise associated with, any competitor except as consented to by the Bank. Serving as a
Director of TIB in Dallas, TX shall not be a conflict of interest. Nothing contained herein shall preclude substantially passive
investments by Executive during the Term that may require nominal amounts of his time, energies and interest.

 

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3.
Performance. Except as provided in paragraph J.2. herein, Executive after the Effective Date shall devote substantially
his full energies, interests, abilities and productive time to the business of the Bank. Executive shall at all times loyally
and conscientiously perform all of these duties and obligations hereunder and shall at all times strictly adhere to and obey,
and instruct and require all that work under and with him strictly to adhere and obey, all applicable federal and state laws,
statutes, rules and regulations to the end that the Bank shall at all times be in full compliance with such laws, statutes, rules
and regulations.

 

		C.	COMPENSATION

 

1.
Salary. In consideration of the performance by Executive of all of his obligations under this Agreement, the Bank agrees
to pay Executive during the Term hereof a base salary of $450,000.00. The Board of Directors may elect to adjust upward the base
annual salary and other compensation of Executive from time to time, at its sole discretion. The Executive’s salary shall
be reviewed at least annually by the Board of Directors, with the initial review to occur in the first quarter of 2019, which
may, but shall not be required to, increase the salary during the Employment Term.

 

2.
Bonuses. During the term of this Agreement, Executive may receive such bonuses, if any, in the form of cash and/or stock
grants as the Board of Directors of the Bank in its sole discretion shall determine.

 

3.
Stock Options/Awards. The Bank previously granted to Executive stock options (the “Option”) to purchase 32,448
shares that are exercisable at a price of $11.56 per share in the Bancorp’s shares of common stock, which is intended
to vest in equal amounts over five (5) years from the date of grant, subject to acceleration in specified circumstances, and the
term of such stock options is for ten (10) years from the date of grant. The Bank has also previously granted to Executive a restricted
stock award (the “Restricted Stock”) in the amount of 2,000 shares, of which 1,600 shares have vested. The terms and
conditions of the Restricted Stock shall be governed by the Bank’s 2013 Omnibus Stock Incentive Plan and Executive’s
Restricted Stock Award Agreement.

 

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4.
Claw-back Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation,
or any other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company
which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such
deductions and claw-back as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement
or any policy adopted by the Company.

 

		D.	EXECUTIVE
                                         BENEFITS

 

1.
Personal Days. Executive shall be entitled to twenty-five (25) personal days per year during the Term, subject to pre-approval
by the Board of Directors. Executive further agrees that he will not take the entire twenty-five (25) days of personal days consecutively,
and that he will not take any personal days at times which would be detrimental to the interests of the Bank. This is subject
to any and all California laws and regulatory requirements.

 

2.
Automobile Allowance. The Bank shall reimburse Executive mileage allowance based on IRS prevailing rate which is intended
to cover Executive’s automobile costs for all gasoline, oil, repairs, maintenance and insurance costs. During the Term hereunder,
the Board of Directors would be willing to reanalyze the mileage allowance if Executive’s actual and reasonable costs are
significantly in excess of the reimbursement rate.

 

3.
Group Medical and Life Insurance Benefits. The Bank will provide Executive and Executive’s direct and immediate family
with, and pay for, participation in medical, dental, vision, accident and health benefits, appropriate life and disability insurance,
and an annual physical examination. Said coverage shall be in existence or shall take effect as of the Effective Date hereof and
shall continue throughout the Term.

 

4.
Salary Continuation Plan and Other Plans. During the Term, Executive shall be eligible to participate in any pension or
profit-sharing plan, deferred compensation plan, salary continuation plan, stock purchase plan, or similar benefit or retirement
program of the Bank, including the Bank’s 401k Plan, as approved by the Board of Directors now or hereafter existing, to
the extent that he is eligible under the provisions thereof and commensurate with Executive’s position in relationship to
other participants.

 

		E.	REIMBURSEMENT
                                         FOR BUSINESS EXPENSES

 

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

 

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

 

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

 

Upon
timely presentation to the Bank of necessary and proper documentation in accordance with the Regulations of the Internal Revenue
Service, the Bank will reimburse Executive for any necessary, usual, customary and reasonable business expenses incurred by Executive
in connection with his position or for the Bank’s benefit, including the costs of cellular phone service related to the
Bank’s business.

 

Any
expenses of Executive for his activities in industry association groups, or other business, industry, civic, or charitable organizations
that are not reimbursed by those organizations will be reimbursed by the Bank to Executive upon presentation of proper documentation.

 

		F.	TERMINATION

 

Notwithstanding
any and all other provisions of this Agreement to the contrary, Executive’s employment hereunder may be terminated:

 

1.
Without Cause. In the sole and absolute discretion of the Board of Directors for any cause whatsoever; provided, however,
that if such termination occurs during the Term, and is for any cause other than any more particularly described in Sections G.2.
or G.3. hereof, Executive shall receive a severance payment in the amount of eighteen (18) months of Executive’s then current
annual salary, payable in installments on the normal payroll dates of the Bank, in full and complete satisfaction of any and all
rights which Executive may enjoy hereunder other than the right, if any, to exercise any of the Options vested prior to such termination.
In order to qualify for the severance benefit, Executive must execute a general release in favor of the Bank, First Choice Bancorp
and its officers, directors, employees, shareholders, attorneys, and agents, and all other related parties. Such payments will
be made (or begin if installments payments are made by the Bank) on the 60th day following termination if the release referred
to in Section F.5 is executed and not revoked by that day.

 

2.
Disability or Death. Upon Executive’s physical or mental disability to continue his duties hereunder as the President
and Chief Executive Officer of the Bank; provided, however, that if such termination occurs as a result of such disability, Executive
shall receive a severance payment in an amount equal to twelve (12) months of Executive’s annual base salary in effect hereunder
at the date of such termination, in full and complete satisfaction of any and all rights which Executive might enjoy hereunder,
other than the right, if any, to exercise any of the Options vested prior to such termination, less any payments received from
any Bank provided benefit, including worker’s compensation, FICA or disability insurance. For purposes of this Agreement,
physical or mental disability shall be defined as Executive being unable to fully perform under this Agreement for a continuous
period of 90 days and reasonably accommodate for that disability as required by the Americans with Disability Act of 1990.

 

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Upon
Executive’s death; provided, however, Executive’s estate shall receive the payment in an amount equal to twelve (12)
months of Executive’s annual base salary in effect hereunder at the date of such termination, in full and complete satisfaction
of any and all rights which Executive might enjoy hereunder other than the right, if any, to exercise any of the Options vested
prior to such termination.

 

3.
For Cause. The Bank may terminate immediately this Agreement without any further obligation or liability whatsoever to
Executive, if:

 

(a) Executive
engages in misconduct, including fraudulent acts, acts that would harm the reputation of the Bank or the Company, or is negligent
in the performance of his material duties hereunder; or

 

(b) Executive
is convicted of or pleads guilty or nolo contendere to any felony or a crime that constitutes a misdemeanor involving moral turpitude;
or

 

(c) Bank
is required to remove or replace Executive by formal order or formal or informal instruction, including a requested consent order
or agreement, from the Department of Business Oversight, Federal Deposit Insurance Corporation (“FDIC”), the Federal
Reserve Bank, or any other regulatory authority having jurisdiction; or

 

(d) Executive
has failed to perform or habitually neglected Executive’s duties; or

 

(e) Executive
has failed to follow any valid and legal written policy of the Board of Directors, any resolutions of the Board adopted at a duly
called meeting or any instructions from the Board of Directors, or follow any other policies, rules, regulations or statutes of
the Bank or Company, or to which the Bank or Company is subject, as promulgated from time to time; or

 

(f) Due
to Executive’s lack of care or negligence, the Bank receives a Section 8(a) Order from the FDIC, a Section 8(b) Order from
the FDIC, an order from the Department of Business Oversight or the Federal Reserve Bank, or an informal regulatory enforcement
action from any of the agencies named above; or

 

(g) Executive’s
engagement in dishonesty, illegal conduct or misconduct; or

 

(h) Executive’s willful unauthorized disclosure of Confidential Information (as defined below); or

 

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(i) Executive’s
breach of any obligation under this Agreement or any other written agreement between the Executive and the Company; or

 

(j) any
failure by the Executive to comply with the Company’s written policies or rules, as they may be in effect from time to time
during the Employment Term; or

 

(k) Executive’s
failure to maintain the Bank and the company in a satisfactory Camels rating for overall performance including a satisfactory
Camels rating for earnings, or otherwise maintain the Bank and the company in good standing; or

 

(l) Executive’s
failure to meet a minimum of 90% of the budgeted goals as adopted and/or amended by the Board of Directors of the Bank and the
Company during the Employment Term.

 

Any
termination under this paragraph F.3 shall not prejudice any remedy which Bank may otherwise have at law, in equity, or under
this Agreement.

 

		4.	Change
                                         of Control

 

(a) Except
for termination for Cause (pursuant to Section F.3 hereof), disability or death (pursuant to Section F.2 hereof), after the occurrence
of a Change in Control (as defined below), if Executive’s employment with the Bank is materially adversely altered or Executive
is not retained by the Bank or the surviving bank or company, Executive shall be entitled to receive a severance payment in the
amount of eighteen (18) months of Executive’s then current monthly salary, plus COBRA for eighteen (18) months, all shares
of Restricted Stock and Stock Options with performance objectives will vest pro-rata based on the beginning of the period covered
to the date of termination based on actual performance achieved at the end of the performance period, and shares of Restricted
Stock and Stock Options with only service contingencies will vest upon Executive’s employment with the Bank becoming materially
adversely altered or Executive is not retained by the Bank. Such payment shall terminate this Agreement in all respects, but shall
not prohibit Executive from continuing as an employee under a new agreement with the Bank or a successor bank.

 

A
material adverse alteration in employee status would mean (i) a material breach by the Bank of its obligations under this Agreement,
(ii) a change in Executive’s status or position or responsibilities as President and Chief Executive Officer of the Bank
which represents a demotion from his status, title, position and responsibilities, or the assignment to him of any significant
duties which are inconsistent with such status, title or position, or (iii) a reduction by the Bank in his base annual salary,
or (iv) requiring him to be based anywhere other than the greater Los Angeles County or Orange County area. Such payments will
be made (or begin if installments payments are made by the Bank) on the 60th day following termination if the release referred
to in Section G.5 is executed and not revoked by that day.

 

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The
Executive cannot terminate his employment for a material adverse alteration in employee status unless he has provided written
notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within thirty (30)
days of the initial existence or occurrence of such grounds and the Company has had at least (30) days from the date on which
such notice is provided to cure such circumstances. If the Executive does not terminate his employment for Good Reason within
seventy-five (75) days after the first occurrence of the applicable grounds, then the Executive will be deemed to have waived
his right to terminate for Good Reason with respect to such grounds.

 

(b) A
“Change in Control” shall be deemed to have occurred if the conditions set forth in any one of the following paragraphs
shall have been satisfied:

 

(i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange
Act”) (other than the Bank; any trustee or other fiduciary holding securities under an employee benefit plan of the Bank;
any entity owned, directly or indirectly, by the stockholders of the Bank in substantially the same proportions as their ownership
of the stock of the Bank) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Bank (not including in the securities beneficially owned by such Person any securities
acquired directly from the Bank or its affiliates) representing 25% or more of the combined voting power of the Bank’s then
outstanding securities; or

 

(ii) the
stockholders of the Bank approve a merger or consolidation of the Bank with any other corporation, other than (A) a merger or
consolidation which would result in the voting securities of the Bank outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity), in combination with the
ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Bank, at least 25% of the
combined voting power of the voting securities of the Bank or such surviving entity outstanding immediately after such merger
or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Bank (or similar transaction)
in which no person acquires more than 25% of the combined voting power of the Bank’s then outstanding securities; or

 

(iii) the
stockholders of the Bank approve a plan of complete liquidation of the Bank or an agreement for the sale or disposition by the
Bank of all or substantially all the Bank’s assets.

 

Notwithstanding
the foregoing, a Change in Control shall not include (A) any event, circumstances or transaction that results from the action
of any entity or group that includes, is affiliated with, or is wholly or partly controlled by Executive (e.g., a management-led
buyout), or (B) the repurchase by the Bank or the redemption directly or indirectly, of securities of the Bank representing 25%
or more of the combined voting power of the Bank’s then outstanding securities.

 

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Notwithstanding
the foregoing, such an occurrence shall constitute a “Change in Control” only if the occurrence is a “change
in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion
of the assets” (as such terms are defined for purposes of Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”)) of the Bank or the Company.

 

5.
Release and Resignation. As a condition to Executive receiving any payments pursuant to Sections F.1, F.2, and F.4 hereof,
Executive will execute and deliver a general release to the Bank, releasing the Bank, its employees, officers, directors, stockholders
and agents, and each person who controls any of them within the meaning of Section 15 of the Securities Act of 1933, as amended,
from any and all claims (other than claims with respect to payments pursuant to such Sections) from the beginning of time to the
date of termination.

 

Upon
termination of Executive’s employment with the Bank, Executive, if he is then serving as a director of the Bank, agrees
to immediately resign his position as a director of the Bank, unless otherwise agreed, by providing written notice of his resignation
to the Board of Directors of the Bank.

 

		6.	Supervisory
                                         Matters.

 

(a)
If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s or the
Bancorp’s affairs by notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C.
Section 1818(e)(3) and (g)(1)), the obligations of the Company under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Company may, in its
discretion: (i) pay the Executive all or part of the compensation withheld while its obligations under this Agreement were
suspended; and (ii) reinstate (in whole or in part) any of its obligations which were suspended. If the Executive is removed
and/or permanently prohibited from participating in the conduct of the Bank’s or the Bancorp’s affairs by an
order issued under Section 8(e) (3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(3) or (g)(1)),
all obligations of the Company under this Agreement shall terminate as of the effective date of the order, but vested rights
of the parties shall not be affected. If the Company is in default (as defined in Section 3(x)(1) of the Federal Deposit
Insurance Act (12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default,
but vested rights of the parties shall not be affected. All obligations under this Agreement shall be terminated, except to
the extent that it is determined that continuation of the Agreement is necessary for the continued operation of the Company;
(i) by the Federal Deposit Insurance Corporation at the time that the Federal Deposit Insurance Corporation enters into an
agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 11 of the Federal
Deposit Insurance Act (12 U.S.C. Section 1821); or (ii) by the Federal Deposit Insurance Corporation or the Federal Reserve
Board, at the time that the Federal Deposit Insurance Corporation or the Federal Reserve Board approves a supervisory merger
to resolve problems related to the operation of the Bancorp or when the Company is in an unsafe or unsound condition. All
rights of the parties that have already vested, however, shall not be affected by such action.

 

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Notwithstanding
anything to the contrary contained herein, the obligation to make payment of any severance benefits as provided herein (including
without limitation, any payment contemplated under Section F.4), is conditioned upon (i) the Company and/or Bank obtaining any
necessary approval from the Board of Governors of the Federal Reserve System and/or the Federal Deposit Insurance Corporation,
and (ii) compliance with applicable law, including 12 C.F.R. Part 359. In addition, the Executive covenants and agrees that the
Company and its successors and assigns shall have the right to demand the return of any “golden parachute payments”
(as defined in 12 C.F.R. Part 359) in the event that any of them obtain information indicating that the Executive committed, is
substantially responsible for, or has violated, the respective acts or omissions, conditions, or offenses contained in 12 C.F.R.
§ 359.4(a)(4), and the Executive shall promptly return any such “golden parachute payment” upon such demand.

 

		(7)	Section
                                         280G.

 

(i) If
any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits
received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms
of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein
as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the
Code and would, but for this Section F.(7), be subject to the excise tax imposed under Section 4999 of the Code (the “Excise
Tax”), then such 280G Payments shall be reduced (by the minimum possible amounts), a manner determined by the Company
that is consistent with the requirements of Section 409A, until no amount payable to the Executive will be subject to the Excise
Tax. If two economically equivalent amounts are subject to reduction but are payable at different times, the amounts shall be
reduced (but not below zero) on a pro rata basis.

 

(ii) All
calculations and determinations under this Section F.(7) shall be made by an independent accounting firm or independent tax counsel
appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on
the Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this Section
F.(7), the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section
280G and Section 4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information and documents
as the Tax Counsel may reasonably request in order to make its determinations under this Section F.(7). The Company shall bear
all costs the Tax Counsel may reasonably incur in connection with its services.

 

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		G.	Confidential
                                         Information Defined.

 

		(a)	Definition.

 

For
purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information not generally
known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: business
processes, practices, methods, policies, plans, documents, operations, services, strategies, agreements, contracts, terms of agreements,
transactions, potential transactions, negotiations, trade secrets, policy manuals, records, vendor information, financial information,
results, accounting records, legal information, marketing information, pricing information, credit information, payroll information,
staffing information, personnel information, employee lists, supplier lists, vendor lists, reports, internal controls, security
procedures, market studies, sales information, revenue, costs, notes, communications, product plans, ideas, customer information,
customer lists, of the Company or its businesses or any existing or prospective customer, supplier, investor or other associated
third party, or of any other person or entity that has entrusted information to the Company in confidence.

 

The
Executive understands that the above list is not exhaustive, and that Confidential Information also includes other information
that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to
be confidential or proprietary in the context and circumstances in which the information is known or used.

 

The
Executive understands and agrees that Confidential Information includes information developed by him in the course of his employment
by the Company as if the Company furnished the same Confidential Information to the Executive in the first instance. Confidential
Information shall not include information that: (i) is generally available to and known by the public at the time of disclosure
to the Executive; provided that, such disclosure is through no direct or indirect fault of the Executive or person(s) acting on
the Executive’s behalf; (ii) becomes available on a non-confidential basis from a source other than a party to this Agreement
or a representative of a party to this Agreement, provided that such source is not bound by a confidentiality agreement with a
party or otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation, (iii) is disclosed
in accordance with an order of a court of competent jurisdiction or applicable law.

 

		(b)	Company
                                         Creation and Use of Confidential Information.

 

The
Executive understands and acknowledges that the Company has invested, and continues to invest, substantial time, money and specialized
knowledge into developing its resources, creating a customer base, generating customer and potential customer lists, training
its employees, and improving its product offerings in the field of financial services. The Executive understands and acknowledges
that as a result of these efforts, the Company has created, and continues to use and create Confidential Information. This Confidential
Information provides the Company with a competitive advantage over others in the marketplace.

 

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		(c)	Disclosure
                                         and Use Restrictions.

 

The
Executive agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly
disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated
or made available, in whole or part, to any entity or person whatsoever (including other employees of the Company) not having
a need to know and authority to know and use the Confidential Information in connection with the business of the Company and,
in any event, not to anyone outside of the direct employ of the Company except as required in the performance of the Executive’s
authorized employment duties to the Company in each instance (and then, such disclosure shall be made only within the limits and
to the extent of such duties; and (iii) not to access or use any Confidential Information, and not to copy any documents, records,
files, media or other resources containing any Confidential Information, or remove any such documents, records, files, media or
other resources from the premises or control of the Company, except as required in the performance of the Executive’s authorized
employment duties to the Company acting on behalf of the Company in each instance (and then, such disclosure shall be made only
within the limits and to the extent of such duties). Nothing herein shall be construed to prevent disclosure of Confidential Information
as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an
authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation
or order. The Executive shall promptly provide written notice of any such order to the Company’s General Counsel.

 

The
Executive understands and acknowledges that her obligations under this Agreement with regard to any particular Confidential Information
shall commence immediately upon the Executive first having access to such Confidential Information (whether before or after he
began employment by the Company) and shall continue during and after his employment by the Company until such time as such Confidential
Information has become public knowledge other than as a result of the Executive’s breach of this Agreement or breach by
those acting in concert with the Executive or on the Executive’s behalf.

 

		H.	Security.

 

(a)
Security and Access. The Executive agrees and covenants (a) to comply with all Company security policies and procedures
as in force from time to time including, without limitation, those regarding computer equipment, telephone systems, voicemail
systems, facilities access, monitoring, key cards, access codes, Company intranet, internet, social media and instant messaging
systems, computer systems, e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls,
and passwords (“Facilities Information Technology and Access Resources”); (b) not to access or use any Facilities
Information Technology and Access Resources except as authorized by the Company; and (iii) not to access or use any Facilities
Information Technology and Access Resources in any manner after the termination of the Executive’s employment by the Company,
whether termination is voluntary or involuntary. The Executive agrees to notify the Company promptly in the event she learns of
any violation of the foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction or reverse
engineering of, or tampering with any Facilities Information Technology and Access Resources or other Company property or materials
by others.

 

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(b)
Exit Obligations. Upon (a) voluntary or involuntary termination of the Executive’s employment or (b) the Company’s
request at any time during the Executive’s employment, the Executive shall (i) provide or return to the Company any and
all Company property, including keys, key cards, access cards, identification cards, security devices, employer credit cards,
network access devices, computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, manuals, reports, files, books,
compilations, e-mail messages, recordings, disks, thumb drives or other removable information storage devices, hard drives, data
and all Company documents and materials belonging to the Company and stored in any fashion, including but not limited to those
that constitute or contain any Confidential Information, that are in the possession or control of the Executive, whether they
were provided to the Executive by the Company or any of its business associates or created by the Executive in connection with
her employment by the Company; and (ii) delete or destroy all copies of any such documents and materials not returned to the Company
that remain in the Executive’s possession or control, including those stored on any non-Company devices, networks, storage
locations and media in the Executive’s possession or control. Executive is specifically entitled to retain as his personal
property his contact list, which as of the date of this Employment Agreement has approximately 8,000 names addresses and telephone
numbers, which Executive has accumulated over his professional lifetime. Company also acknowledges that the cell phone number
of (310) 488 2310 is the personal property of Executive.

 

I.
Publicity. The Executive hereby irrevocably consents to any and all uses and displays, by the Company and its agents, representatives
and licensees, of the Executive’s name, voice, likeness, image, appearance and biographical information in, on or in connection
with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other
advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes and all other
printed and electronic forms and media throughout the world, at any time during or after the period of her employment by the Company,
for all legitimate commercial and business purposes of the Company (“Permitted Uses”) without further consent from
or royalty, payment or other compensation to the Executive. The Executive hereby forever waives and releases the Company and its
directors, officers, employees and agents from any and all claims, actions, damages, losses, costs, expenses and liability of
any kind, arising under any legal or equitable theory whatsoever at any time during or after the period of her employment by the
Company, arising directly or indirectly from the Company’s and its agents’, representatives’ and licensees’
exercise of their rights in connection with any Permitted Uses.

 

    	12 

     

    

 

		J.	GENERAL
                                         PROVISIONS

 

1.
Trade Secrets. During the Term, Executive will have access to and become acquainted with what Executive and the Bank acknowledge
are trade secrets, to wit, knowledge or data concerning the Bank, including its operations and business, and the identity of customers
of the Bank, including knowledge of their financial conditions their financial needs, as well as their methods of doing business.
Executive shall not disclose any of the aforesaid trade secrets, directly or indirectly, or use them in any way, except as required
in the course of Executive’s employment with the Bank.

 

2.
Covenant Not to Solicit Customers or Fellow Employees. If the Bank or the Executive terminates this Agreement for any reason,
Executive agrees that for a one-year period, Executive shall not solicit the banking business of any customer with whom the Bank
has done business during the preceding eighteen (18) month period. Executive further agrees not to solicit the services of any
officer or employee of the Bank during such period.

 

The
covenants contained in this Section J.2 shall be considered as a series of separate covenants, one for each political subdivision
of California, and one for each entity or individual with respect to whom solicitation is prohibited. Except as provided in the
previous sentence, each such separate covenant shall be deemed identical in terms to the covenant contained in this Section J.2.
If in any judicial proceeding a court refuses to enforce any of such separate covenants (or any part thereof), then such unenforceable
covenant (or such part) shall be eliminated from this Agreement to the extent necessary to permit the remaining separate covenants
(or portions thereof) to be enforced. In the event that a provision of this Section J.2 or any such separate covenant or portion
thereof, is determined to exceed the time, geographic or scope limitations permitted by applicable law, then such provision shall
be reformed to the maximum time, geographic or scope limitations, as the case may be, permitted by applicable law. Executive hereby
consents, to the extent Executive may lawfully do so, to the judicial modification of this Agreement as described in this Section
J.2.

 

In
the event of a merger, where Bank is not the surviving corporation, or in the event of a consolidation, in the event of a transfer
of all or substantially all of the assets of Bank, or in the event that the majority of the Bank’s Board of Directors, as
it exists as of the date of this Agreement, does not have control, the Executive shall be unconditionally released from all of
his duties and obligations under this paragraph.

 

3.
Indemnification. The Bank shall use its most diligent and best efforts to obtain and maintain during and after the Term,
a Directors and Officers Liability Insurance Policy in the largest amount available or reasonably affordable. In addition, to
the fullest extent allowed by law, the Bank shall indemnify Executive for any and all of his actions, or forbearance of any action,
as an employee and Director of the Bank, carried out or undertaken in good faith in the course of his duties, even if such is
held to be negligent. The Bank will indemnify Executive, defend, and bear the cost of defense with regard to any action or threatened
action brought by a third party against the Executive (whether or not the Bank is joined or included as a party defendant) and/or
the Bank. This indemnification shall include not only the costs of defense, but also any other expenses, judgments, fines, settlements,
and other amounts actually and reasonably incurred. This indemnification does not and will not include illegal acts knowingly
and willfully carried out by the Executive, but will include all actions carried out by the Executive acting in good faith and
in a manner the Executive reasonably believed to be in the best interest of the Bank. Such indemnification shall also apply to
any and all subsidiaries of the Bank and organizations with which the Bank requests Executive to serve, and as regards the actions
of Executive and his involvement and actions within or regarding those subsidiaries or organizations. The indemnification rights
of Executive herein are in addition to any rights of indemnification under applicable law, contract, or the articles of incorporation
or bylaws of the Bank.

 

    	13 

     

    

 

4.
Return of Documents. Executive expressly agrees that all manuals, documents, files, reports, studies, instruments or other
materials used and/or developed by Executive during the Term are solely the property of the Bank, and that Executive has no right,
title or interest therein. Upon termination of this Agreement, Executive or Executive’s representative shall promptly deliver
possession of all of said property to the Bank in good condition.

 

5.
Notices. Any notice, request, demand or other communication required or permitted hereunder shall be deemed to be properly
given when personally served in writing, when deposited in the United States mail, postage prepaid, or when communicated to a
public telegraph address appearing at the beginning of this Agreement. Either party may change its address by written notice in
accordance with this paragraph.

 

6.
California Law. This Agreement is to be governed by and construed under the laws of the State of California.

 

7.
Captions and Paragraph Headings. Captions and paragraph headings used herein are for convenience only and are not a part
of this Agreement and shall not be used in construing it.

 

8.
Invalid Provisions. Should any provision of this Agreement for any reason be declared invalid, the validity and binding
effect of any remaining portion shall not be affected, and the remaining portions of this Agreement shall remain in full force
and effect as if this Agreement had been executed with said provision eliminated.

 

9.
Entire Agreement. This Agreement contains the entire agreement of the parties. It supersedes any and all other agreements,
either oral or in writing, between the parties hereto with respect to the employment of Executive by the Bank. Each party to this
Agreement acknowledges that no representations, inducements, promises, or agreements, oral or otherwise, have been made by any
party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise
not contained in this Agreement shall be valid or binding. This Agreement may not be modified or amended by oral agreement, but
only by an agreement in writing signed by the Bank and Executive.

 

    	14 

     

    

 

10.
Receipt of Agreement. Each of the parties hereto acknowledges that it or he has read this Agreement in its entirety and
does hereby acknowledge receipt of a fully executed copy thereof. A fully executed copy shall be an original for all purposes,
and is a duplicate original.

 

11.
Dispute Resolution Procedures. In the event of any dispute, claim or controversy between the Executive and the Bank (or
its directors, officers, employees or agents) arising out of this Agreement or the Executive’s employment with the Bank,
both Parties agree to submit such dispute, claim or controversy to final and binding arbitration under the Federal Arbitration
Act, in conformity with the procedures of the California Arbitration Act (Cal. Code Civ. Proc. sec. 1280 et seq. ...).”
The arbitration will be conducted before the American Arbitration Association (“AAA”) in accordance with the AAA Employment
Arbitration Rules and Mediation Procedures. These rules are available at the AAA web site at: http://www.adr.org. The claims governed
by this arbitration provision include, but are not limited to, claims for wages and other compensation, claims for breach of contract
(express or implied), claims for violation of public policy, wrongful termination, wrongful demotion, tort claims, claims for
fraud and misrepresentation, claims for unlawful discrimination, harassment, and/or retaliation to the extent allowed by law,
and claims for violation of any federal, state, or other government law, statute, regulation, or ordinance. The claims which are
to be arbitrated under this agreement include claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities
Act, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act and the California Labor Code.

 

(a) The
arbitration shall be conducted by a panel of three (3) retired California Superior Court Judges selected by mutual agreement of
the Executive and the Bank (said panel shall be the “Arbitrator”).

 

(b) Each
Party shall have the right to conduct reasonable discovery, as determined by the Arbitrator.

 

(c) The
Arbitrator shall have all powers conferred by law and a judgment may be entered on the award by a court of law having jurisdiction.
The Arbitrator shall render a written arbitration award that contains the essential findings and conclusions on which the award
is based. The award and judgment shall be binding and final on both Parties, subject to such review as is authorized by law.

 

(d) Either
Party may bring an action to confirm the arbitration award in a court of competent jurisdiction. To the maximum extent permitted
by law, the decision of the Arbitrator shall be final and binding on the Parties to this Agreement and shall be subject to judicial
review only to the extent provided by law.

 

(e) Employer
shall advance all funds for the Executive’s defense.

 

    	15 

     

    

 

(f) In
the event litigation, mediation, or arbitration is commenced to enforce or construe any of the provisions of this Agreement, to
recover damages for breach of any of the provisions of this Agreement, or to obtain declaratory relief in connection with any
of the provisions of this Agreement, the prevailing Party shall, to the extent permitted by law without impairing the enforceability
of the arbitration provision hereinabove, be entitled to recover reasonable attorneys’ fees and costs. In the event this
Agreement is asserted, in any litigation, mediation, or arbitration, as a defense to any liability, claims, demands, actions,
causes of action, or rights herein released or discharged, the prevailing Party on the issue of that defense shall, to the extent
permitted by law without impairing the enforceability of the arbitration provision hereinabove, be entitled to recover reasonable
attorneys’ fees and costs.

 

(g) The
Executive and the Company understand that by signing this Agreement, they give up their right to a civil trial in a court of law
and their right to a trial by jury.

 

(h) This
agreement to arbitrate does not apply to disputes or claims related to workers’ compensation benefits, disputes or claims
related to unemployment insurance benefits, unfair labor practice charges under the National Labor Relations Act, or disputes
or claims that are expressly excluded from arbitration by statute or are expressly required to be arbitrated under a different
procedure pursuant to an employee benefit plan.

 

(i) This
agreement to arbitrate does not prevent Executive from filing a charge or complaint with the California Department of Fair Employment
and Housing, or the U.S. Equal Opportunity Commission. It also does not prevent Executive from participating in any investigation
or proceeding conducted by an agency. However, if one of these agencies issues a right to sue notice, binding arbitration under
this agreement will be Executive’s sole remedy.

 

(j) This
agreement to arbitrate shall continue during the Employment Period and thereafter regarding any employment-related disputes.

 

Any
controversy or claim arising out of, or relating to this Employment Agreement or the breach thereof, shall be settled by arbitration
in the County of Los Angeles, State of California, in accordance with the rules of the American Arbitration Association, and a
judgment upon the award rendered may be entered is any court having jurisdiction thereof.

 

12. Section
409A. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered
in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement
may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under
this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or
as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each
installment payment provided under this Agreement shall be treated as a separate payment. For purposes of determining the timing
of any payments to be made under this Agreement by reference to Executive’s termination of employment, “termination”
and “termination of employment” shall refer to Executive’s “separation from service” as defined
for purposes of Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits
provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any
taxes, penalties, interest or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

 

    	16 

     

    

 

Notwithstanding
any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with her termination
of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A
and the Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment
or benefit shall be paid on the first payroll date to occur following the six-month anniversary of the Termination Date (the “Specified
Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee
Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining
payments shall be paid without delay in accordance with their original schedule.

 

IN
WITNESS WHEREOF, the Bank has caused this Agreement to be executed by its duly authorized officer or representative and Executive
has executed this Agreement to be effective as of the day and year first written above.

 

	 	FIRST CHOICE BANK
	 	 	 
	 	

        

        By:
	/s/
    Pravin Pranav
	 	 	Pravin
    Pranav
	 	 	Chairman,
    Compensation Committee

 

	 	By:	/s/
Phillip Thong
	 	 	Phillip
Thong
	 	 	Secretary

 

    	17 

     

    

 

	 	FIRST CHOICE BANCORP
	 	 	 
	 	By:	/s/ Pravin Pranav
	 	 	Pravin
Pranav
	 	 	Chairman, Compensation Committee

 

	 	By:	/s/
Phillip Thong
	 	 	Phillip
Thong
	 	 	 Secretary

 

	 	EXECUTIVE
	 	 	 
	 	 	/s/
Robert M. Franko
	 	 	Robert
M. Franko

 

    	18EXHIBIT
10.2

 

CHANGE
IN CONTROL AGREEMENT

 

This
Change in Control Agreement is made and is effective as of February 22, 2018, by and among First Choice Bancorp (the “Bancorp”),
First Choice Bank (the “Bank”) and Mr. Gene May (“Executive”).

 

WHEREAS,
Executive is employed by the Bank in the capacity as Executive Vice President and Chief Credit Officer, and Executive’s
background and expertise are expected to contribute to the success and financial strength of the Bank; and

 

WHEREAS,
the Bank wishes to assure itself of the continued opportunity to benefit from Executive’s services, and Executive wishes
to serve in the employ of the Bank on a full-time basis for such purposes; and

 

WHEREAS,
the Boards of Directors of the Bancorp and the Bank (“Board”) has determined that the best interests of the Bank would
be served by setting forth the benefits which the Bank will provide to Executive in the event Executive’s employment is
terminated after a Change in Control of the Bancorp or the Bank, subject to any necessary prior FDIC approval/non-objections to
the form of this Agreement, and any necessary prior approval/non-objections of any payments proposed to be made under this Agreement
pursuant to 12 CFR Part 359 of the FDIC rules and regulations.

 

NOW,
THEREFORE, in order to effect the foregoing, the parties hereto wish to enter into an agreement on the terms and conditions set
forth below. This agreement (“Agreement”) therefore sets forth those benefits which the Bank will provide to Executive
in the event Executive’s employment with the Bank is terminated after a Change in Control of the Bancorp or the Bank (as
defined in paragraph 2) under the circumstances described below. Accordingly, in consideration of the premises and the respective
covenants and agreements of the parties herein contained, and intending to be legally bound hereby, the parties hereto agree as
follows:

 

1.
TERM.

 

(i)
If a Change in Control of the Bancorp or the Bank should occur while Executive is still an employee of the Bank, then this Agreement
shall continue in effect from the date of such Change in Control of the Bancorp or the Bank for so long as Executive remains an
employee of the Bank, but in no event for more than twelve (12) months following the consummation of a Change in Control of the
Bancorp or the Bank; provided, however, that the expiration of the term of this Agreement shall not adversely affect Executive’s
rights under this Agreement which have accrued prior to such expiration.

 

(ii)
If no Change in Control of the Bancorp or the Bank occurs before Executive’s status as an employee of the Bank is terminated,
this Agreement shall expire on such date. Prior to a Change in Control of the Bancorp or the Bank, Executive’s employment
may be terminated by the Bank with or without Cause (as defined in paragraph 3(c)), and/or this Agreement may be terminated by
the Bank at any time upon written notice to Executive and, in either or both such events, Executive shall not be entitled to any
of the benefits provided hereunder.

 

2.
CHANGE IN CONTROL. For purposes of this Agreement, a Change in Control of the Bancorp or the Bank shall be deemed to have
occurred if

 

    	 	 1	 

     

    

 

(i)
the shareholders of the Bancorp or the Bank approve (1) any consolidation or merger of the Bancorp or the Bank with any other
company (A) a merger or consolidation which would result in the voting securities of the Bancorp or the Bank outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity), in combination with the ownership of any trustee or other fiduciary holding securities
under an employee benefit plan of the Bancorp or the Bank, at least 75% of the combined voting power of the voting securities
of the Bancorp or the Bank or such surviving entity outstanding immediately after such merger or consolidation, or (B) a
merger or consolidation effected to implement a recapitalization of the Bancorp or the Bank (or similar transaction) in which
no person acquires more than 50% of the combined voting power of the Bancorp’s and the Bank’s then outstanding
securities; or

 

(ii)
the shareholders of the Bancorp or the Bank shall approve any plan or proposal for the liquidation or dissolution of the Bancorp
or the Bank, or an agreement for the sale or disposition by the Bancorp or the Bank of all or substantially all of the Bancorp’s
or the Bank’s assets; or

 

(ii)
any “person” (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended
(the Exchange Act)), other than the Bancorp, the Bank or a subsidiary thereof or a corporation owned, directly or indirectly,
by the shareholders of the Bancorp or the Bank in substantially the same proportions as their ownership of stock of the Bancorp
or the Bank, shall become the “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Bancorp or the Bank representing 25% or more of the combined voting power of the Bancorp’s
or the Bank’s then outstanding securities ordinarily (and apart from rights accruing in special circumstances) having the
right to vote in the election of directors (Voting Shares), as a result of a tender or exchange offer, open market purchases,
privately negotiated purchases or otherwise.

 

3.
TERMINATION FOLLOWING CHANGE IN CONTROL. In the event of a Change in Control of the Bancorp or the Bank while Executive
is still an employee of the Bank, Executive shall be entitled to the payments and benefits provided in paragraph 4 hereof upon
the termination without cause or by Executive for Good Reason of Executive’s employment, within twelve (12) months from
the consummation of the Change in Control of the Bancorp or the Bank, by Executive or by the Bank unless such termination is:

 

(i)
because of death, Disability or Retirement (as defined below),

 

(ii)
by the Bank for Cause (as defined below), or

 

(iii)
by Executive other than for Good Reason (as defined below), in any of which events Executive shall not be entitled to receive
benefits under this Agreement.

 

(a)
Disability. Upon Executive’s physical or mental disability to continue his or her duties hereunder as the Executive
Vice President and Chief Credit Officer of the Bank; provided, however, that if such termination occurs as a result of such disability,
Executive shall receive severance payment in an amount equal to twelve (12) months of the annual base salary in effect hereunder
at the date of such termination, plus continuation of all group medical and life insurance coverage in effect prior to the termination,
at no cost to the Executive, for the term of the severance, in full and complete satisfaction of any and all rights which Executive
might enjoy hereunder other than the right, if any, to exercise any of the Options vested prior to such termination, less any
payments received from any Bank provided benefit, including worker’s compensation, FICA or disability insurance. For purposes
of this Agreement, physical or mental disability shall be defined as Executive being unable to fully perform under this Agreement
for a continuous period of 90 days

 

    	 	 2	 

     

    

 

(b)
Retirement. Retirement shall mean the voluntary termination by Executive of his or her employment for other than Good Reason
(as defined below) which termination qualifies as retirement in accordance with any pension plan adopted by the Bank, or in accordance
with any retirement arrangement established with Executive’s consent with respect to Executive; provided, however, that
no mandatory retirement, whether under any pension plan or in accordance with any such other retirement arrangement, shall constitute
Retirement for purposes of this Agreement, unless Executive has previously consented thereto in writing.

 

(c)
Cause. Executive’s employment shall cease following a Change in Control upon a good faith finding of Cause by the
Board. Cause hereunder means the following:

 

(A)
Executive engages in misconduct or is negligent in the performance of his or her material duties hereunder; or

 

(B)
Executive is convicted of or pleads guilty or nolo contendere to any felony, or is convicted of or pleads guilty or nolo contendere
to any misdemeanor involving moral turpitude; or

 

(C)
Bank is required to remove or replace Executive by formal order or formal or informal instruction, including a requested consent
order or agreement, from the Division of Financial Institutions of the California Department Business Oversight (“DBO”)
or Federal Deposit Insurance Corporation (“FDIC”) or any other regulatory authority having jurisdiction; or

 

(D)
Executive has failed to perform or habitually neglected Executive’s duties; or

 

(E)
Executive has consistently failed to satisfactorily meet the performance goals mutually agreed to by Executive and the Board of
Directors, or

 

(F)
Executive has failed to follow any written policy of the Board of Directors or any resolutions of the Board adopted at a duly
called meeting; or

 

(G)
Executive has engaged in any activity which materially adversely affects Bank’s reputation in the community; or

 

(H)
The Bank receives a Section 8(a) Order from the FDIC, or a Section 8(b) Order from the FDIC or a Section 1912 or Section 1913
Order from the DFI.

 

    	 	 3	 

     

    

 

Any
termination under this paragraph 3 shall not prejudice any remedy which Bank may otherwise have at law, in equity, or under this
Agreement.

 

Notwithstanding
any of the foregoing, the Bank can without cause terminate Executive’s employment prior to any Change in Control of the
Bank in the discretion of the Board of Directors of the Bank.

 

(d)
Good Reason. Executive may terminate his or her employment for Good Reason. For purposes of this Agreement, Good Reason
shall mean:

 

(A)
a material breach by the Bank of its obligations under this Agreement;

 

(B)
a change in Executive’s status or position or responsibilities as Executive Vice President and Chief Credit Officer of the
Bank which represents a demotion from his or her status, title, position and responsibilities, or the assignment to him or her
of any significant duties which are inconsistent with such status, title or position; or

 

(C)
a reduction by the Bank in his or her base annual salary, or

 

(D)
requiring his or her to be based anywhere other than the greater Los Angeles or Orange County Metropolitan area; or

 

(E)
any material breach by the Bank of any provision of this Agreement (including, without limitation, paragraph 5); or

 

(F)
any purported termination of Executive’s employment by the Bank which is not effected pursuant to a Notice of Termination
satisfying the requirements of subparagraph (v) below (and, if applicable, subparagraph (c) above); and for purposes of this Agreement,
no such purported termination shall be effective.

 

The
events set forth in (A) – (F) above each being a Triggering Event. If Executive elects to terminate for Good Reason,
a Notice of Termination must be delivered within ninety (90) days of the occurrence of a Triggering Event for such termination
to be effective; provided, however, that the failure of Executive to terminate for Good Reason upon the occurrence of a Triggering
Event shall not constitute a waiver of Executive’s right to terminate for Good Reason upon the occurrence of a subsequent
Triggering Event.

 

(v)
Notice of Termination. Any termination by the Bank pursuant to subparagraphs (i), (ii) or (iii) above, or by Executive
pursuant to subparagraph (iv) above, shall be communicated by written Notice of Termination to the other party hereto. For purposes
of this Agreement, a Notice of Termination shall mean a notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of Executive’s employment under the provision so indicated.

 

    	 	 4	 

     

    

 

(vi)
Date of Termination. Date of Termination shall mean

 

(A)
if this Agreement is terminated for Disability, thirty days after Notice of Termination is given provided that Executive
shall not have returned to the performance of his or her duties on a full-time basis during such thirty day
period,

 

(B)
if Executive’s employment is terminated pursuant to subparagraph (iv) above, the date specified in the Notice of Termination,

 

(C)
if Executive’s employment is terminated for any other reason, the date on which a Notice of Termination is given (or, if
a Notice of Termination is not given, the date of such termination), and

 

(D)
if Executive is entitled to compensation pursuant to paragraph 5 below, the date determined pursuant to such paragraph.

 

4.
COMPENSATION DURING DISABILITY OR UPON TERMINATION.

 

(i)
If, after a Change in Control of the Bancorp or the Bank, Executive shall fail to perform his or her duties hereunder as a
result of incapacity due to physical or mental illness, Executive shall continue to receive his or her full base salary
monthly at the rate then in effect until his or her employment is terminated pursuant to paragraph 3(i) hereof (and for any
longer period as may be provided under applicable plans).

 

(ii)
If, after a Change in Control of the Bancorp or the Bank, Executive’s employment shall be terminated for Cause, the Bank
shall pay Executive his or her full base salary through the Date of Termination at the rate in effect at the time Notice of Termination
is given and the Bank shall have no further obligations to Executive under this Agreement.

 

(iii)
In the event of a Change in Control of the Bancorp or the Bank, (I) the Bank shall terminate Executive’s employment, other
than pursuant to paragraph 3(i), 3(ii) or 3(iii) hereof or by reason of death, or (II) Executive shall terminate his or her employment
for Good Reason, or (III) Executive shall be entitled to payments pursuant to paragraph 5, then subject to any necessary prior
regulatory approvals/non-objections including 12 CFR Part 359 of the FDIC rules and regulations, the Bank shall pay to Executive
as severance pay (and without regard to the provisions of any benefit plan) in either (i) a lump sum equivalent to an amount equal
to the Executive’s basic annual salary then in effect at the Date of Termination in cash on the fifth day following the
Date of Termination, or (ii) in periodic payments over 12 months in accordance with the Bank’s normal payroll practices
of an amount equal to Executive’s annual basic salary then in effect at the time of termination, less required withholdings.
Such payments will be made (or begin if installment payments are made by the Bank) on the 60th day following
termination if the release referred to in Section 4(vi) is executed and not revoked by that day.

 

(iv)
Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment
or otherwise, nor shall the amount of any payment provided for in this paragraph 4 be reduced by any compensation earned by Executive
as the result of employment by another employer after the Date of Termination, or otherwise.

 

    	 	 5	 

     

    

 

(v)
The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in
any way diminish Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under
any employee benefit plan of the Bancorp or the Bank, any employment agreement or other contract, plan or arrangement of the Bank,
except to the extent necessary to prevent double payment under any severance plan or program of the Bancorp or the Bank in effect
at the Date of Termination.

 

(vi)
Notwithstanding the foregoing, a Change in Control shall not include (A) any event, circumstances or transaction that results
from the action of any entity or group that includes, is affiliated with, or is wholly or partly controlled by Employee (e.g.,
a management-led buyout), or (B) the repurchase by the Bancorp or the Bank or the redemption directly or indirectly, of securities
of the Bancorp or the Bank representing 25% or more of the combined voting power of the Bancorp’s or the Bank’s then
outstanding securities, or (C) changes precipitated by an assisted transaction, conservatorship, or receivership as provided in
12 CFR §359.4(a)(3) as long as the Bank is subject to the golden parachute payment provision of 12 CFR §359.

 

    	 	 6	 

     

    

 

(vii)
Return of Payments. Any severance payment made pursuant to this Section F is subject to recovery as follows:

 

(a)
Board Determination; Severance Subject to Recovery. To the extent that the Board of Directors of the Bank or its successor
has determined Employee has committed, is substantially responsible for, or has violated, the respective acts or omissions, conditions
or offenses described in 12 CFR §359.4(a)(4) (the “Misconduct”), the Board of Directors of the Bank or its successor
shall, in all appropriate circumstances, cease paying any and all severance payments that have not been made and require Executive
to repay any severance payments made pursuant to this Agreement. The Board of Directors of the Bank or its successor will, to
the extent practicable, seek to recover from Executive the amount of the severance payment if not repaid by Executive. The Board
of Directors of the Bank or its successor shall not seek recovery to the extent it determines (i) that to do so would be unreasonable
or (ii) that it would be better for the Bank not to do so.

 

(b)
Exceptions. In making such determination, the Board of Directors of the Bank or its successor shall take into account such
considerations as it deems appropriate, including, without limitation, (A) the likelihood of success under governing law versus
the cost and effort involved, (B) whether the assertion of a claim may prejudice the interests of the Bank, including in any related
proceeding or investigation, (C) the passage of time since the occurrence of the act in respect of the applicable Misconduct,
and (D) any pending legal proceeding relating to the applicable Misconduct.

 

(c)
Due Process Rights. Before the Board of Directors of the Bank or its successor determines to seek recovery pursuant to
this subsection, it shall provide to the Executive written notice and opportunity to be heard, at a meeting of the Board of Directors
of the Bank or its successor (which may be in-person or telephonic, as determined by the Board of Directors of the Bank or its
successor).

 

(d)
Manner of Repayment. If the Board of Directors of the Bank or its successor determines to seek a recovery from Executive
pursuant to this subsection, it shall make a written demand for repayment from Executive and, if the Executive does not within
a reasonable period tender repayment in response to such demand, and the Board of Directors of the Bank or its successor determines
that Executive is unlikely to do so, the Board of Directors of the Bank or its successor may seek a court order against Executive
for such repayment.”

 

(viii).
Further Required Regulatory Approvals. As long as the Bank is subject 12 CFR §359 concerning golden parachute payments,
the Bank will seek and obtain all necessary regulatory approvals and/or non-objections from the FDIC in order to make any severance
payment to Employee.

 

(ix)
Release. As a condition to Executive receiving any payments pursuant to Sections 4(i) and 4(iii) hereof, Executive will
execute and deliver a general release to the Bancorp and the Bank, releasing the Bancorp, the Bank, their employees, officers,
directors, stockholders and agents, and each person who controls any of them within the meaning of Section 15 of the Securities
Act of 1933, as amended, from any and all claims (other than claims with respect to payments pursuant to such Sections) from the
beginning of time to the date of termination. If Executive is terminated for any reason, or resigns as Executive Vice President
and Chief Credit Officer of the Bank, then Executive agrees to resign as a member of the Board of Directors of the Bancorp and
the Bank.

 

    	 	 7	 

     

    

 

5.
SUCCESSOR’S BINDING AGREEMENT

 

(i)
The Bancorp and the Bank will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise
and irrespective of whether such successor be to the Bancorp, the Bank or the Bancorp’s and/or the Bank’s Successor)
to all or substantially all of the business and/or assets of the Bancorp or the Bank, by agreement in form and substance satisfactory
to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Bancorp
or the Bank would be required to perform if no such succession had taken place. Failure of the Bancorp or the Bank to obtain such
agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle Executive to
compensation from the Bank in the same amount and on the same terms as Executive would be entitled hereunder if Executive terminated
his or her employment for Good Reason (whether or not Executive terminates his or her employment), except that for purposes of
implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As
used in this Agreement, Bancorp shall mean the Bancorp, and Bank shall mean the Bank, as herein before defined and any successor
to their or its business and/or assets as aforesaid which executes and delivers the agreement provided for in this paragraph 5
or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. If Executive received
payments pursuant to this paragraph 5 prior to termination of his or her employment, Executive shall not be entitled to any benefits
hereunder at the time of any subsequent termination of his or her employment.

 

(ii)
This Agreement shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If Executive should die while any amounts would still
be payable to Executive hereunder if Executive had continued to live, all such amounts, unless otherwise provided herein, shall
be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee or other designee or, if there be
no such designee, to Executive’s estate.

 

6.
EMPLOYMENT. In consideration of the foregoing obligations of the Bank, Executive agrees to be bound by the terms and conditions
of this Agreement and to remain in the employ of the Bank during any period following any public announcement by any person of
any proposed transaction or transactions which, if effected, would result in a Change in Control of the Bancorp or the Bank until
a Change in Control of the Bancorp or the Bank has taken place or, in the opinion of the Board of the Bancorp or the Bank, such
person has abandoned or terminated its efforts to effect a Change in Control of the Bancorp or the Bank. Subject to the foregoing,
nothing contained in this Agreement shall impair or interfere in any way with Executive’s right to terminate his or her
employment or the right of the Bank to terminate Executive’s employment with or without Cause prior to a Change in Control
of the Bancorp or the Bank. Nothing contained in this Agreement shall be construed as a contract of employment between the Bancorp,
the Bank and Executive or as a right for Executive to continue in the employ of the Bancorp or the Bank, or as a limitation of
the right of the Bank to discharge Executive with or without Cause prior to a Change in Control of the Bancorp or the Bank.

 

7. NOTICE.
For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return
receipt requested, postage prepaid, addressed to the respective addresses set forth on the last page of this Agreement,
provided that all notices to the Bancorp or the Bank should be directed to the attention of the Chairman of the Board of
the Bancorp or the Bank, or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

 

    	 	 8	 

     

    

 

8.
INDEMNIFICATION. The Bank will indemnify Executive to the fullest extent permitted by the laws of the state of California
and to the extent not inconsistent with the foregoing, the Articles of Incorporation and Bylaws of the Bank as in effect on the
date of the Change in Control of the Bancorp or the Bank, in respect of all Executive’s services rendered to the Bank and
its subsidiaries prior to the Date of Termination. Executive shall be entitled to the protection of any insurance policies the
Bancorp or the Bank now or hereafter maintains generally for the benefit of its directors, officers and employees (but only to
the extent of the coverage afforded by the existing provisions of such policies) to protect against all costs, charges and expenses
whatsoever incurred or sustained by Executive in connection with any action, suit or proceeding to which Executive may be made
a party by reason of him or her being or having been a director, officer or employee of the Bancorp and/or the Bank or any of
its subsidiaries during his or her employment therewith.

 

9.
FURTHER ASSURANCES. Each party hereto agrees to furnish and execute such additional forms and documents, and to take such
further action, as shall be reasonable and customarily required in connection with the performance of this Agreement or the payment
of benefits hereunder.

 

10.
MISCELLANEOUS. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or
discharge is agreed to in writing signed by Executive and such officer as may be specifically designated by the Board of Directors
of the Bank. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly
in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws
of the State of California.

 

11.
VALIDITY. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

 

12.
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instrument.

 

13.
ARBITRATION. Dispute Resolution Procedures. In the event of any dispute, claim or controversy between the Executive
and the Bank (or its directors, officers, employees or agents) arising out of this Agreement or the Executive’s employment
with the Bank, both Parties agree to submit such dispute, claim or controversy to final and binding arbitration under the Federal
Arbitration Act, in conformity with the procedures of the California Arbitration Act (Cal. Code Civ. Proc. Sec. 1280 et seq. ...).”
The arbitration will be conducted before the American Arbitration Association (“AAA”) in accordance with the AAA Employment
Arbitration Rules and Mediation Procedures. These rules are available at the AAA web site at: http://www.adr.org. The claims governed
by this arbitration provision include, but are not limited to, claims for wages and other compensation, claims for breach of contract
(express or implied), claims for violation of public policy, wrongful termination, wrongful demotion, tort claims, claims for
fraud and misrepresentation, claims for unlawful discrimination, harassment, and/or retaliation to the extent allowed by law,
and claims for violation of any federal, state, or other government law, statute, regulation, or ordinance. The claims which are
to be arbitrated under this agreement include claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities
Act, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act and the California Labor Code.

 

    	 	 9	 

     

    

 

(i)
The arbitration shall be conducted by a single arbitrator selected either by mutual agreement of the Executive and the Bank or,
if they cannot agree, from an odd-numbered list of experienced employment law arbitrators provided by the AAA. Each Party shall
strike one arbitrator from the list alternately until only one arbitrator remains.

 

(ii)
Each Party shall have the right to conduct reasonable discovery, as determined by the arbitrator.

 

(iii)
The arbitrator shall have all powers conferred by law and a judgment may be entered on the award by a court of law having jurisdiction.
The arbitrator shall render a written arbitration award that contains the essential findings and conclusions on which the award
is based. The award and judgment shall be binding and final on both Parties, subject to such review as is authorized by law.

 

(iv)
Either Party may bring an action to confirm the arbitration award in a court of competent jurisdiction. To the maximum extent
permitted by law, the decision of the arbitrator shall be final and binding on the Parties to this Agreement and shall be subject
to judicial review only to the extent provided by law.

 

(v)
The Parties shall share equally the costs of the arbitrator and the arbitration forum unless a different fee payment arrangement
is otherwise required by applicable law to preserve the enforceability of this arbitration provision. Employer will pay the costs
of the arbitrator and the arbitration forum to the extent required by applicable law to preserve the enforceability of this arbitration
provision.

 

(vi)
In the event litigation, mediation, or arbitration is commenced to enforce or construe any of the provisions of this Agreement,
to recover damages for breach of any of the provisions of this Agreement, or to obtain declaratory relief in connection with any
of the provisions of this Agreement, the prevailing Party shall, to the extent permitted by law without impairing the enforceability
of the arbitration provision hereinabove, be entitled to recover reasonable attorneys’ fees and costs. In the event this
Agreement is asserted, in any litigation, mediation, or arbitration, as a defense to any liability, claims, demands, actions,
causes of action, or rights herein released or discharged, the prevailing Party on the issue of that defense shall, to the extent
permitted by law without impairing the enforceability of the arbitration provision hereinabove, be entitled to recover reasonable
attorneys’ fees and costs.

 

(vii)
The Executive and the Bank understand that by signing this Agreement, they give up their right to a civil trial in a court of
law and their right to a trial by jury.

 

(viii)
This agreement to arbitrate does not apply to disputes or claims related to workers’ compensation benefits, disputes or
claims related to unemployment insurance benefits, unfair labor practice charges under the National Labor Relations Act, or disputes
or claims that are expressly excluded from arbitration by statute or are expressly required to be arbitrated under a different
procedure pursuant to an employee benefit plan.

 

    	 	 10	 

     

    

 

(ix)
This agreement to arbitrate does not prevent Executive from filing a charge or complaint with the California Department of Fair
Employment and Housing, or the U.S. Equal Opportunity Commission. It also does not prevent Executive from participating in any
investigation or proceeding conducted by an agency. However, if one of these agencies issues a right to sue notice, binding arbitration
under this agreement will be Executive’s sole remedy.

 

(x)
This agreement to arbitrate shall continue during the Employment Period and thereafter regarding any employment-related disputes.

 

Any
controversy or claim arising out of, or relating to this Employment Agreement or the breach thereof, shall be settled by arbitration
in the County of Los Angeles, State of California, in accordance with the rules of the American Arbitration Association, and a
judgment upon the award rendered may be entered is any court having jurisdiction thereof.”

 

14.
ADVICE OF COUNSEL. Executive acknowledges that she has been encouraged to consult with legal counsel of his or her choosing
concerning the terms of this Agreement prior to executing this Agreement. Any failure by Executive to consult with competent counsel
prior to executing this Agreement shall not be a basis for rescinding or otherwise avoiding the binding effect of this Agreement.
The parties acknowledge that they are entering into this Agreement freely and voluntarily, with full understanding of the terms
of this Agreement. Interpretation of the terms and provisions of this Agreement shall not be construed for or against either party
on the basis of the identity of the party who drafted the terms or provisions in question.

 

15.
REDUCTION OF PAYMENT. Notwithstanding anything in the foregoing to the contrary, if any payment pursuant to Section 4 or
any other payment provided for in this Agreement, together with any other payments which Executive has the right to receive from
the Bank would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Internal Revenue Code), the
payments pursuant to this Agreement shall be reduced to the largest amount as will result in no portion of such payments being
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code; provided, however, that the determination as to
whether any reduction in the payments under this Agreement pursuant to this proviso is necessary shall be made in good faith by
the Bancorp’s or the Bank’s accounting firm or if such firm is no longer providing tax services to the Bancorp or
the Bank to such other advisor as shall be mutually acceptable to the Bank and Executive, and such determination shall be conclusive
and binding on the Bancorp, the Bank and Executive with respect to the treatment of the payment for tax reporting purposes.

 

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

 

	ATTEST:	 	FIRST
    CHOICE BANCORP
	 	 	 	17785
    Center Court N, Suite 750
	 	 	 	Cerritos,
    CA 90703
	 	 	 	 	 
	By:	/s/
    Phillip T. Thong	 	By:	/s/
    Pravin Pranav
	Print
    name: Phillip T. Thong	 	Print
    name: Pravin Pranav
	Its:	Secretary	 	Its:	Chairman of
    the Compensation Committee

 

    	 	 11	 

     

    

 

	ATTEST:	 	FIRST
    CHOICE BANK
	 	 	 	17785
    Center Court N, Suite 750
	 	 	 	Cerritos,
    CA 90703
	 	 	 	 	 
	By:	/s/
    Phillip T. Thong	 	By:	/s/
    Pravin Pranav
	Print
    name: Phillip T. Thong	 	Print
    name: Pravin Pranav
	Its:	Secretary	 	Its:	Chairman of
    the Compensation Committee
	 	 	 	 	 
	 		 	THE
    EXECUTIVE
	 	 	 	 
	Witness	 	/s/
    Gene May
	 	 	 	Gene
    May

 

    	 	 12

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