Document:

ex_301854.htm

Exhibit 10.4

 

FIRST AMENDMENT OF EMPLOYMENT AGREEMENT

 

 

This First Amendment of Employment Agreement ("First Amendment") is made and effective as of this 22nd day of October 2021, by and between ROYAL BUSINESS BANK ("Bank"), RBB Bancorp (the “Company”) and Mr. Jeffrey Yeh ("Executive"). This First Amendment is made with specific reference to the following facts:

 

RECITALS

 

Bank and Executive entered into that certain Employment Agreement dated April 12, 2017 ("Agreement”), pursuant to which Executive was retained. Bank and Executive desire to enter into this First Amendment in order to amend the first paragraph of Section 4(a) Change of Control.

 

NOW, THEREFORE, for and in consideration of the foregoing recitals and the Terms and Conditions contained in this First Amendment, the parties agree as follows:

 

	 	
			1.

				
			The first paragraph of Section 4(a) of the Agreement is hereby amended to read in full as follows:

			

 

“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) and in no other event, 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 severance payment in the amount equal to twelve (12) months of Executive’s then current annual salary,  and continuation of Executive’s medical and dental insurance coverage for one (1) year or until Executive has found employment, whichever occurs earlier. 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.”

 

	 	
			2.

				
			Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the Agreement.

			

 

3.         This First Amendment may be entered into in one or more counterparts, all of which shall be considered one in the same instrument, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that all parties need not sign the same counterpart.

 

4.         This First Amendment shall be governed by and construed in accordance with the laws of the State of California.

 

5.         The execution and delivery of this First Amendment by the Executive and the Bank executing the First Amendment have been duly authorized by the Bank, and this First Amendment constitutes a legal, valid and binding agreement of the Executive and the Bank in accordance with its respective terms.

 

6.         Remaining Terms and Conditions. All remaining Terms and Conditions of the Agreement, as amended, shall remain in full force and effect between Bank and Executive and are incorporated herein as if restated in full.

 

IN WITNESS WHEREOF, the parties hereto have executed the foregoing First Amendment effective as of the date first written above.

 

ROYAL BUSINESS BANK                                    “EXECUTIVE”

 

By: /s/ James Kao                                                     /s/ Jeffrey Yeh

Name:         James Kao                                             Jeffrey Yeh

Title:          Chairman of the Board

 

By: /s/ Peter Chang

Name:          Peter Chang

Title:          Secretary

 

RBB BANCORP                                    

 

By: /s/ James Kao

Name:         James Kao                                    

Title:          Chairman of the Board

 

By: /s/ Peter Chang

Name:          Peter Chang

Title:          SecretaryDocument

Exhibit 10.1

 
May 1, 2021
 
RE: Notice of Promotion

Dear Ram:          

We are delighted to notify you of your promotion to the position of Sr. Vice President, Chief Financial Officer and Treasurer.  Your transfer into this position will be effective on May 1, 2021.
 
This promotion is based upon the following terms and conditions of employment:
  
Compensation
All compensation is subject to the customary taxes, withholdings, and other applicable deductions as required by law.
 
Salary: Your base salary will be $346,400 per year, which is paid bi-weekly.
 
Annual Incentive Compensation Plan: You are eligible to participate in Rogers' Global Annual Incentive Compensation Plan (AICP).  As a participant in this bonus program, you are eligible for an incentive award with a target of 55% of your base salary. Depending on actual performance against predetermined company performance metrics, actual AICP award payouts can be as high as 200% of your target incentive.  This target will be used to calculate the whole year of 2021.
 
Long-Term Incentive: Additionally, you will be eligible for an annual long-term incentive grant. This grant would be comprised of time- based restricted stock units and performance-based stock units. The grant value and subsequent number of shares or units you would receive are determined annually and presented to the Board of Directors’ Compensation & Organization Committee (“Committee”) for review and approval.
 
New Position Stock Award:
Subject to the Committee’s approval, you will receive a special stock award of restricted stock units with an initial grant value of $425,000 split as follows:
•60% Performance-based Restricted Stock Units- three-year performance period beginning 2021 and based on total shareholder return compared to a specified group of peer companies.
•40% in Time-based Restricted Stock Units—three-year ratable vesting beginning on the first anniversary of the date of the award.

Exhibit 10.1

Total Rewards   
 
Health Benefits: Rogers provides a flexible benefits package that presently contains choices in medical and dental insurance, flexible spending accounts, vision care, and life insurance.
•Executive Physicals- Rogers provides and pays for annual physical exams for executives through the Mayo Clinic.

Vacation: Per the Rogers vacation policy, you are eligible to receive 4 Weeks of vacation, which will be prorated based on your date of hire.  Incremental increases to vacation eligibility occur based on years of service. 

Severance: Subject to Committee approval, you will also be eligible to participate in the Rogers Corporate Executive Severance Pay Plan. For the avoidance of doubt, the Company reserves the right to modify these benefits to conform to any severance plan covering executives.
 
Additional Benefits: In addition to our flexible benefits options, Rogers provides short-term and long-term disability insurance, holiday pay, a 401(k) plan with a Company-matching contribution, Employee Stock Purchase Plan, Deferred Compensation Program, Wellness Reimbursement and tuition reimbursement. 
 
Rogers reserves the right to make changes to our policies and procedures that may impact these incentives and benefits.
 
Conditions of Employment
Pre-Employment Screening: This offer is conditional upon successful completion of our pre-employment screening process, which includes a background check.  Upon offer acceptance, you will receive an invitation to initiate your pre-employment screening. Should additional screenings beyond background requirements exist, you will be notified separately by a Human Resources Representative. 
 
Confidentiality, Invention and Non-Compete Agreement: As a condition of employment, you will be asked to sign an agreement regarding confidentiality of trade secrets and confidential business information, as well as a non-compete (Employment, Invention, Confidentiality, and Non-Compete Agreement).  
 
At-Will Employment: Your employment is "at will" and it is Rogers' policy not to enter into employment contracts.  Verbal representations by Rogers' managers and supervisors do not create a binding agreement.  If a contractual employment relationship were to be established, it must be in writing and signed by the President of Rogers Corporation.
 

We look forward to having you in this position!

									
	Sincerely,  		
			
	/s/ Bruce Hoechner		
	Bruce HoechnerDocument

EXHIBIT 10.1

September 15, 2021 
Robert Julian
Via Email: 

Re. Offer of Employment

Dear Robert:

Congratulations and welcome to The RealReal (TRR) team! We are excited to offer you the
full-time, exempt position of Chief Financial Officer working from San Francisco and reporting to Julie Wainwright. This offer is contingent on successful clearance of your completed background check and receipt of proof of authorization to work in the United States.

Your anticipated start date is October 1, 2021. You will be expected to be present at the office during regular business hours. You will be expected to perform the duties and responsibilities of the position and other reasonable duties and responsibilities as may be assigned to you from time to time. You agree to devote your full time and best efforts to the performance of your duties at TRR and you agree, during your employment with TRR, not to directly or indirectly engage or participate in any other employment, occupation, or other activities which may conflict with your obligations to TRR or the best interests of TRR. 

Base Compensation. We are offering you starting base salary at the annual rate of $425,000, less applicable withholdings and deductions. Wages are paid bi-weekly in accordance with TRR’s normal payroll procedures.

Discretionary Bonus. You will be eligible to participate in the TheRealReal, Inc. Discretionary Bonus Plan (the “Bonus Plan”), as it may be amended from time to time. The Bonus Plan provides you with the opportunity to earn a discretionary incentive bonus expressed as a percentage of your salary for the relevant period (annual), which amount may be adjusted based on company and/or individual performance. Determination of bonuses is at the sole and absolute discretion of TRR, as more fully described in the Bonus Plan. TRR will communicate your target bonus and any applicable performance goals in advance of the applicable bonus period. Your initial bonus target will be set at 50% of your base salary. Pursuant to the Bonus Plan, your bonus opportunity in the first period will be pro-rated to account for your start date, and payment of any bonus is generally subject to your continuous employment through the date of payment (except as otherwise provided by applicable law). TRR may modify the Bonus Plan at any time and in its sole discretion. Bonus payments are subject to supplemental income tax
			
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withholding. In the event of any conflict between this letter and the Bonus Plan, the terms of the Bonus Plan shall control.
Benefits. You will also be eligible to receive employee benefits (medical, dental, Discretionary Time Off), according to the terms of the applicable Company policy or benefit plan, as the same may be amended from time to time.
 
Equity Compensation. In addition, if you accept this role, TRR will recommend that the Compensation Committee of the Board of Directors of TRR (“Committee”) grant you an equity award of 575,000 Restricted Stock Units (“RSUs”). All awards are subject to review and approval by the Committee. RSUs will be subject to the terms and conditions of TRR’s 2019 Equity Incentive Plan and the applicable RSU award agreement. Subject to Committee approval, thirty-five percent of the RSUs will vest twelve (12) months after vesting begins on your start date, while the remaining shares will vest quarterly over twelve (12) calendar quarters thereafter in equal amounts, according to the schedule set and approved by the Committee, provided that you remain continuously employed with TRR through each applicable vesting date. No right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continued vesting or employment.

Recoverable Relocation Bonus. You will also be paid a one-time relocation bonus of $500,000.00 (“Relocation Bonus”). The Relocation Bonus will be paid on the first regularly scheduled pay date following your first 30 days of your start date, less applicable withholdings and deductions. Should you resign from the Company or be terminated for Cause within twelve (12) months of your start date, you agree to repay the entire amount of the Relocation Bonus within thirty (30) days after the end of your employment, without the necessity of any demand from the Company. You further agree, to the maximum extent permitted by law that Company shall be able to recover any legal fees incurred to recover these funds, should the company prevail in such matter before an arbitrator or court of competent jurisdiction, to the maximum extent permitted by law.  For purposes of this letter, “Cause” shall mean (A) your failure to perform your assigned duties or responsibilities (other than a failure resulting from you disability) after written notice thereof from TRR describing your failure to perform such duties or responsibilities; (B) your act, or failure to act, that was performed in bad faith and to the detriment of TRR or any of its affiliates; (C) your engaging in any act of dishonesty, disloyalty to TRR or any of its affiliates, embezzlement, fraud, breach of trust or misrepresentation; (D) your violation of any law or regulation applicable to the business of TRR or any of its affiliates; (E) your breach of any confidentiality agreement or invention assignment agreement between you and TRR (or any affiliate of TRR); or (F) your admission or conviction of, or entering a plea of guilty or nolo contendere to, any crime or your commission of any act of moral turpitude.  

Recoverable Sign-On Bonus. You     will also be paid a one-time sign-on bonus of $1,000,000.00 (“Sign-On Bonus”). The Sign-On Bonus will be paid calendar quarterly in four equal payments over the first twelve (12) months of your start date, less applicable withholdings and deductions. Should you resign from the Company or be terminated for Cause within twelve (12) months of your start date, you agree to repay the entire amount of the Sign-On Bonus within thirty (30) days after the end of your employment, without the necessity of any demand from the Company. Should you later resign from the Company or be terminated for Cause 
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within twenty-four (24) months of your start date, you agree to repay 50% of the Sign-On Bonus within thirty (30) days after the end of your employment. You further agree, to the maximum extent permitted by law that Company shall be able to recover any legal fees incurred to recover these funds, should the company prevail in such matter before an arbitrator or court of competent jurisdiction, to the maximum extent permitted by law.
 
No conflicts. By signing below, you agree that there is no lawful reason to prevent you from accepting a position with TRR. We also ask that, if you have not already done so, you disclose to TRR any and all agreements relating to your prior employment that may affect your eligibility to be employed by TRR or limit the manner in which you may be employed. It is TRR’s understanding that any such agreements will not prevent you from performing the duties of your position and you represent that such is the case. Moreover, you agree not to bring any third-party confidential information to TRR, including that of your former employer, and confirm and agree that in performing your duties for TRR you will not in any way utilize any such information.
 
Company Policies. As a TRR Company employee, you will be expected to abide by TRR’s rules and policies. Specifically, you will be required on your first day to sign an acknowledgment that you have received, read and that you understand TRR’s rules of conduct which are included in TRR Employee Handbook. Company policies may change from time to time in accordance with applicable laws and in TRR’s sole discretion.
 
Proprietary Information/Nondisclosure/Non-solicitation of Employees/Mutual Arbitration. As a condition of your employment you will be required to sign and return the enclosed At-Will Employment, Confidential Information, and Invention Assignment Agreement and the Mutual Arbitration Assignment prior to your start date, and which require, among other provisions, the assignment of patent rights to any invention made during your employment at TRR, and non-disclosure of Company proprietary information.  By your signature below, you acknowledge that nothing in this letter or in any policy or agreement with TRR shall be construed or applied to prohibit or limit you (or your attorney) from initiating communications directly with, responding to any inquiry from, volunteering information (including confidential information) to, or providing testimony before, the Securities and Exchange Commission, the Department of Justice, FINRA, any other self-regulatory organization or any other governmental, law enforcement, or regulatory authority, regarding any reporting of, investigation into, or proceeding concerning suspected violations of law.  You further acknowledge that you are not required to advise or seek permission from TRR before engaging in any such activity, but that, in connection with any such activity, you must inform such authority that the information provided is confidential.  Despite the foregoing, you are not permitted to reveal to any third-party, including any governmental, law enforcement, or regulatory authority, information you learn during the course of employment with TRR that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege or attorney work product doctrine, as TRR does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information.
 
Also, as a condition of your employment and as set forth more fully in the enclosed At-Will Employment, Confidential Information, and Invention Assignment Agreement, you 
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agree for one year after the termination of your employment, you will not solicit TRR’s clients or employees.

At-Will Employment. Your employment is at-will, which means that either TRR or you can terminate your employment at any time with or without notice and with or without cause.  Consistent with the at-will nature of your employment, TRR may in its sole discretion modify job titles, salaries and benefits from time to time in accordance with applicable laws.
 
Conditions to Employment. Your job offer is contingent upon a satisfactory background investigation and/or reference checks, in accordance with applicable law. Also, you will need to provide to us evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire.
 
Severability/Construction. To the extent any provision of this Offer Letter or application of it to any person, place, or circumstance shall be determined to be invalid, unlawful or otherwise unenforceable, in whole or in part, the remainder of the Offer Letter shall remain in full force and effect, and this agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible.
 
Acceptance of Offer. To accept TRR’s offer, please sign and date this letter in the space provided below, together with the enclosures, and return them to Zaina Orbai no later than Thursday, September 16th.
 
Entire Agreement. This letter, together with the enclosed At-Will Employment, Confidential Information, and Invention Assignment Agreement and Mutual Arbitration Agreement, sets forth the terms of your employment with TRR and supersede any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews or pre-employment negotiations, whether written or oral. This letter and the at-will nature of your employment may not be modified or amended except by a written agreement signed by the Chief Executive Officer of TRR and you. This offer of employment will terminate if it is not accepted, signed and returned by Thursday, September 16th.
 
Once again, congratulations and we look forward to you joining The RealReal.

Sincerely,

    
Julie Wainwright
Chief Executive Officer

Agreed to and accepted: Signature:
Printed Name: 
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Date:        ____________________________________
Enclosures: Duplicate Original Letter; At-Will Employment, Confidential Information, and Invention Assignment Agreement; Mutual Arbitration Agreement
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