Document:

Exhibit
10.4

 

SERVICES
AGREEMENT

 

This
Services Agreement, dated as of November 8, 2021 (this “Agreement”), is entered into between Vision Hydrogen
Corporation, a Nevada corporation (“Vision”) and Turquino Equity LLC (“Turquino Equity”).

 

RECITALS

 

WHEREAS,
Vision desires to engage Turquino Equity to provide certain services upon the terms and conditions hereinafter set forth, and Turquino
Equity is willing to perform such services.

 

NOW,
THEREFORE, in consideration of the mutual agreements and covenants hereinafter set forth, Vision and Turquino Equity hereby agree
as follows:

 

Article
I

Services

 

Section
1.01 Provision of Services.

 

(a)
Turquino Equity agrees to provide the services (the “Services”) set forth on Exhibit A attached hereto (the “Service
Exhibit”) to Vision on the terms and conditions set forth in this Agreement and in the Service Exhibit.

 

(b)
Unless extended by written agreement between the parties as detailed in Section 2.03,, the obligations of Turquino Equity under this
Agreement to provide Services shall terminate at the end of the six (6) month term, as specified in the Service Exhibit (the “Term”).
Notwithstanding the foregoing, the parties acknowledge and agree that Vision may terminate Services before the completion of the Term
(“Early Termination”). Vision acknowledges and agrees that upon Early Termination, Turquino Equity shall receive full compensation
for the Term, provided that Turquino Equity (i) has not breached this Agreement, (ii) has not breached any other agreement entered into
between Vision and Turquino Equity, and (iii), each of Andrew Hidalgo and Matt Hidalgo, has acted in the best interests of Vision.

 

Section
1.02 Standard of Service.

 

Turquino
Equity shall ensure that its personnel are readily available to Vision during normal working hours, and that its personnel shall and
devote their best efforts, abilities, knowledge and experience to the faithful performance of the Services hereunder. Turquino Equity
and its employees shall, in performing the Services, comply with all of Vision’s internal policies (as adopted and amended from
time to time), as well as all policies, practices, laws and regulations applicable to Vision

 

    	 

    	 

    

 

Section
1.03 Premises.

 

(a)
In order to enable the provision of the Services by Turquino Equity, Vision agrees that it shall provide to Turquino Equity and its Affiliates
who provide Services, access to the facilities, assets, books and records of Vision, in all cases to the extent necessary for Turquino
Equity to fulfill its obligations under this Agreement. Turquino Equity agrees that it shall maintain the premises of Vision, located
at 95 Christopher Columbus Dr., Jersey City, NJ 07302, in a safe and reasonable manner.

 

(b)
Turquino Equity agrees that its affiliates, employees and any third-party, when on the property of Vision or when given access to any
equipment, computer, software, network or files owned or controlled by Vision, shall conform to the policies and procedures of Vision
concerning health, safety and security which are made known to Turquino Equity in advance. Turquino Equity agrees that its affiliates
and employees will use Vision email and servers for the transmission and storage of all correspondence and documents.

 

Article
II

Compensation

 

Section
2.01 Terms of Payment and Related Matters.

 

(a)
As consideration for provision of the Services, Vision shall pay Turquino Equity Twenty Five Thousand Dollars ($25,000) monthly during
the Term, as specified in the Service Exhibit.

 

(b)
Payments pursuant to this Agreement shall be due on the first (1st) day of each calendar month immediately after Vision’s acquisition
of VoltH2 Holdings AG for the Term.

 

Section
2.02 Expenses Turquino Equity shall also be entitled to reimbursement for reasonable and documented out-of-pocket, third party expenses
incurred by it on behalf of Vision in the provision of any Service. However, these expenses must be approved by an unrelated officer
of Vision and shall in any event exclude (i) any normal course operating costs of Turquino required to perform the Services, and (ii)
any payments made to or for the benefit of employees of Turquino Equity or any of its Affiliates, pursuant to Section 2.01 or otherwise.

 

Section
2.03 Extension of Services. The parties agree that Turquino Equity shall not be obligated to perform any Service after the Term;
provided, however, that if Vision desires and Turquino Equity agrees to continue to perform any of the Services after the Term, the parties
shall negotiate in good faith to determine an amount that compensates Turquino Equity for all of its costs for such performance.

 

Section
2.04 No Right of Setoff. Each of the parties hereby acknowledges that it shall have no right under this Agreement to offset any amounts
owed (or to become due and owing) to the other party, whether under this Agreement or otherwise, against any other amount owed (or to
become due and owing) to it by the other party.

 

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Article
III

Termination

 

Section
3.01 Termination of Agreement. Subject to Section 3.04, this Agreement shall terminate in its entirety as a result of each
of its expiration or termination in accordance with Section 1.01(b) or Section 3.02 or Section 3.03.

 

Section
3.02 Breach. Any party (the “Non-Breaching Party”) may terminate this Agreement with respect to any Service, in
whole but not in part, at any time upon prior written notice to the other party (the “Breaching Party”) if the Breaching
Party has failed to perform any of its material obligations under this Agreement relating to such Service, and such failure shall have
continued without cure for a period of five (5) days after receipt by the Breaching Party of a written notice of such failure from the
Non-Breaching party seeking to terminate such service. PROVIDED HOWEVER that in cases of a breach of Article IV by Turquino Equity or
its affiliates and employees, termination may be immediate. For the avoidance of doubt, non-payment by Vision for a Service provided
by Turquino Equity in accordance with this Agreement and not the subject of a good-faith dispute shall be deemed a breach for purposes
of this Section 3.02.

 

Section
3.03 Insolvency. In the event that either party hereto shall (i) file a petition in bankruptcy, (ii) become or be declared insolvent,
or become the subject of any proceedings (not dismissed within sixty (60) days) related to its liquidation, insolvency or the appointment
of a receiver, (iii) make an assignment on behalf of all or substantially all of its creditors, or (iv) take any corporate action for
its winding up or dissolution, then the other party shall have the right to terminate this Agreement by providing written notice in accordance
with Section 6.01.

 

Article
IV

Confidentiality

 

Section
4.01 Confidentiality.

 

(a)
During the term of this Agreement and thereafter for a period of five (5) years, the parties hereto shall, and shall instruct their respective
representatives to, maintain in confidence and not disclose the other party’s financial, technical, sales, marketing, development,
personnel, and other information, records, or data, including, without limitation, customer lists, supplier lists, trade secrets, designs,
product formulations, product specifications or any other proprietary or confidential information, however recorded or preserved, whether
written or oral (any such information, “Confidential Information”). Each party hereto shall use the same degree of care,
but no less than reasonable care, to protect the other party’s Confidential Information as it uses to protect its own Confidential
Information of like nature. Unless otherwise authorized in any other agreement between the parties, any party receiving any Confidential
Information of the other party (the “Receiving Party”) may use Confidential Information only for the purposes of fulfilling
its obligations under this Agreement (the “Permitted Purpose”). Any Receiving Party may disclose such Confidential Information
only to its representatives who have a need to know such information for the Permitted Purpose and who have been advised of the terms
of this Section 4.01 and the Receiving Party shall be liable for any breach of these confidentiality provisions by such Persons; provided,
however, that any Receiving Party may disclose such Confidential Information to the extent such Confidential Information is required
to be disclosed by a Governmental Order, in which case the Receiving Party shall promptly notify, to the extent possible, the disclosing
party (the “Disclosing Party”), and take reasonable steps to assist in contesting such Governmental Order or in protecting
the Disclosing Party’s rights prior to disclosure, and in which case the Receiving Party shall only disclose such Confidential
Information that it is advised by its counsel in writing that it is legally bound to disclose under such Governmental Order.

 

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(b)
Notwithstanding the foregoing, “Confidential Information” shall not include any information that the Receiving Party can
demonstrate: (i) was publicly known at the time of disclosure to it, or has become publicly known through no act of the Receiving Party
or its representatives in breach of this Section 4.01; (ii) was rightfully received from a third party without a duty of confidentiality;
or (iii) was developed by it independently without any reliance on the Confidential Information.

 

(c)
Upon demand by the Disclosing Party at any time, or upon expiration or termination of this Agreement with respect to any Service, the
Receiving Party agrees promptly to return or destroy, at the Disclosing Party’s option, all Confidential Information. If such Confidential
Information is destroyed, an authorized officer of the Receiving Party shall certify to such destruction in writing.

 

Section
4.01 Non-Solicitation and Non-Disparagement.

 

(a)
During the term of this Agreement and thereafter for a period of five (5) years, Turquino Equity and its affiliates and employees shall
not circumvent the relationship between Vision and any person or entity with whom Vision has an “Existing Business Relationship”
(the “Third Party”) by engaging in business with, or soliciting business from, directly or indirectly, such Third
Party. “Existing Business Relationship” means a relationship with the Third Party that is evidenced by (i) a written
contract for services, investment, or other similar matters (including a non-disclosure or similar agreement) and which is entered into
prior to the termination of this Agreement.

 

(b)
During the term of this Agreement and thereafter for a period of five (5) years, Turquino Equity and its affiliates and employees shall
not disparage or encourage others to disparage Vision. For the purposes of this Agreement, the term disparage includes without limitation
comments or statements made in any matter or medium in the press and/or the media or otherwise about the other which would adversely
affect any manner of the conduct of their business, without limitations to their business plans or prospects or business reputation.

 

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Article
V

Limitation
on Liability; Indemnification

 

Section
5.01 Limitation on Liability. In no event shall either party have any liability under any provision of this Agreement for any punitive,
incidental, consequential, special or indirect damages, including loss of future revenue or income, loss of business reputation or opportunity
relating to the breach or alleged breach of this Agreement, or diminution of value or any damages based on any type of multiple, whether
based on statute, contract, tort or otherwise, and whether or not arising from the other party’s sole, joint, or concurrent negligence,
strict liability, criminal liability or other fault. The parties acknowledge that the Services to be provided hereunder are subject to,
and that its remedies under this Agreement are limited by, the applicable provisions of Section 1, including the limitations on
representations and warranties with respect to the Services.

 

Section
5.02 Indemnification. Subject to the limitations set forth in Section 5.01, each party shall indemnify, defend and hold harmless
the other party and its affiliates and each of their respective representatives (collectively, the “Indemnified Parties”)
from and against any and all losses of the Indemnified Parties relating to, arising out of or resulting from gross negligence or willful
misconduct by the parties or its affiliates, or failure to provide.

 

Article
VI

Miscellaneous

 

Section
6.01 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
6.02 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such
term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the greatest extent possible.

 

Section
6.03 Entire Agreement. This Agreement, including all Service Exhibits, constitutes the sole and entire agreement of the parties to
this Agreement with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings and agreements,
both written and oral, with respect to such subject matter. In the event and to the extent that there is a conflict between the provisions
of this Agreement and the provisions of the Purchase Agreement as it relates to the Services hereunder, the provisions of this Agreement
shall control.

 

Section
6.04 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent
of the other party..

 

Section
6.05 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable
right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

 

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Section
6.06 Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing
signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising
from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

Section
6.07 Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York
or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of New York. Any
legal suit, action or proceeding arising out of or based upon this agreement or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America or the courts of the state of New York, and each party irrevocably submits to the
exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by
mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought
in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any
proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum.

 

Section
6.08 Waiver of Jury Trial. Each party irrevocably and unconditionally waives any right it may have to a trial by jury in respect
of any legal action arising out of or relating to this agreement or the transactions contemplated hereby. Each party to this agreement
certifies and acknowledges that (a) no representative of any other party has represented, expressly or otherwise, that such other party
would not seek to enforce the foregoing waiver in the event of a legal action, (b) such party has considered the implications of this
waiver, (c) such party makes this waiver voluntarily, and (d) such party has been induced to enter into this agreement by, among other
things, the mutual waivers and certifications in this Section 6.09.

 

Section
6.09 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

Section
6.10 Relationship. The parties to this Agreement are independent businesses and it is intended that both parties shall retain their
independence. In the performance of its duties Turquino Equity and it affiliates and employees shall be and shall act as independent
contractors. Nothing contained in this Agreement shall be regarded or construed as creating any relationship (employer/employee, joint
venture, association, or partnership) between the parties other than as expressly set forth herein.

 

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3.3
Payroll or Other Taxes.
Turquino Equity acknowledges and agrees that it is and shall be liable for the full amount of any payment of taxes or other payments
which may be demanded pursuant to any laws, legislation, rules or regulations promulgated by any government having jurisdiction over
Vision or Turquino Equity as a result of this agreement, or any payment which may, in future, be found to be payable in respect of Turquino
Equity or its employees, and Turquino Equity hereby covenants and agree to indemnify and save harmless Vision from any actions, causes
of action, claims, demands or other proceedings (including all legal costs) made against Vision by any authority under such statutes.

 

Each
party acknowledges by signing this Agreement that it has read and understands this document, that it has conferred with or had the opportunity
to confer with an attorney of its choice regarding the terms and meaning of this Agreement, that it has had sufficient time to consider
the terms provided for in this Agreement, and that it has signed the same KNOWINGLY AND VOLUNTARILY.

 

[SIGNATURE
PAGE FOLLOWS]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	 	VISION
    HYDROGREN CORPORATION
	 	 
	 	By	/s/ Charles Benton
	 	Name:	Charles
    Benton
	 	Title:	Director

 

	 	TURQUINO
    EQUITY LLC 
	 	 
	 	By	/s/
                                            Andrew Hidalgo

	 	Name:	Andrew
    Hidalgo
	 	Title:	Managing
    Partner

 

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EXHIBIT
A

 

Category
of Service

 

	Description
    of Service:	 	Andrew
    Hidalgo shall assist in the post-acquisition integration of VoltH2 Holdings AG with Vision, Vision’s potential application
    to the Nasdaq Capital Market, and such duties assigned and consistent with the title of Senior Vice President.
	 	 	 
	 	 	Matthew
    Hidalgo shall have such duties assigned and consistent with the title of Chief Financial Officer. Matthew Hidalgo shall act as Controller
    for the remaining Term in the case of his resignation or termination as Chief Financial Officer.
	 	 	 
	 	 	Turquino
    Equity shall maintain Vision’s offices located at 95 Christopher Columbus Drive, Jersey City, NJ 07302.
	 	 	 
	Term:	 	Six
    (6) months from the date of execution.
	 	 	 
	Fee:	 	$25,000
    monthly during the Term. Upon Early Termination, Turquino Equity shall receive full compensation for the Term, provided that Turquino
    Equity (i) has not breached this Agreement or has not cured a breach within the provisions allowed, (ii) has not breached any other
    agreement entered into between Vision and Turquino Equity or has not cured a breach within the provisions allowed, and (iii) with
    each of Andrew Hidalgo and Matthew Hidalgo, continuing to act in a reasonable and ethical manner deemed in the best interests of
    Vision.

 

    	9hafc-ex101_132.htm

 

Exhibit 10.1

HANMI FINANCIAL CORPORATION

RESTRICTED STOCK AGREEMENT

FOR

[NAME]

1.Award of Restricted Stock

.  The Committee hereby grants, as of [DATE] (“Date of Grant”), to [NAME] (the “Recipient”), [NUMBER] restricted shares of the Company’s common stock (collectively the “Restricted Stock”).  The Restricted Stock shall be subject to the terms, provisions and restrictions set forth in this Agreement and the Hanmi Financial Corporation 2021 Equity Compensation Plan (the “Plan”), which is incorporated herein for all purposes.  As a condition to entering into this Agreement, and as a condition to the issuance of any Restricted Stock (or any other securities of the Company), the Recipient agrees to be bound by all of the terms and conditions herein and in the Plan.  Unless otherwise provided herein, capitalized terms used herein that are defined in the Plan and not defined herein shall have the meanings attributable thereto in the Plan.

2.Vesting of Restricted Stock.

(a)General Vesting.  

The shares of Restricted Stock shall become vested in the following amounts and at the following times, provided that the Continuous Service of the Recipient continues through and on the applicable Vesting Date:

			
	
Number of Shares of Restricted Stock
	
 
	
Vesting Date

	
33%
	
 
	
 

	
33%
	
 
	
 

	
34%
	
 
	
 

 

Except as otherwise provided in Sections 2(b), 2(c) and 4 hereof, there shall be no proportionate or partial vesting of shares of Restricted Stock in or during the months, days or periods prior to each Vesting Date, and all vesting of shares of Restricted Stock shall occur only on the applicable Vesting Date.

(b)Acceleration of Vesting Upon Termination without Cause or for Good Reason Coincident with or Following a Change in Control.  

In the event that a Change in Control of the Company occurs during the Recipient’s Continuous Service coincident with or followed by the Recipient’s termination without Cause or resignation for Good Reason (as defined below), the shares of Restricted Stock subject to this Agreement shall become immediately and fully vested as of the date of the Recipient’s termination of Continuous Service.  For these purposes, “Good Reason” shall have the equivalent meaning or the same meaning as “good reason” or “for good reason” set forth in any employment, consulting or other agreement for the performance of services between the Recipient and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term shall mean: (i) the assignment to the Recipient of any duties inconsistent in any material respect with the Recipient's duties or responsibilities as assigned by the Company or a Related Entity, or any other action by the Company or a Related Entity which results in a material diminution in such duties or responsibilities, excluding for this purpose an action which is remedied by the Company or a Related Entity promptly after 

1

receipt of notice thereof given by the Recipient; (ii) any material failure by the Company or a Related Entity to comply with its obligations to the Recipient as agreed upon, other than a failure which is remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the Recipient; or (iii) the Company's or Related Entity’s requiring the Recipient to be based at any office or location outside of fifty (50) miles from the location of employment or service as of the date of Award, except for travel reasonably required in the performance of the Recipient’s responsibilities.  

(c)

 

(d)Definitions.  

For purposes of this Agreement, the following terms shall have the meanings indicated:

(i)“Non-Vested Shares” means any portion of the Restricted Stock subject to this Agreement that has not become vested pursuant to this Section 2. 

(ii)“Vested Shares” means any portion of the Restricted Stock subject to this Agreement that is and has become vested pursuant to this Section 2.

3.Delivery of Restricted Stock

.  

(a)Issuance of Restricted Stock.  

The Restricted Stock subject to this Award shall be issued in book-entry form in the name of the Recipient but shall be deemed held and retained by the Company until the date (the “Applicable Date”) on which the shares (or a portion thereof) subject to this Restricted Stock award become Vested Shares pursuant to Section 2 hereof, subject to the provisions of Section 4 hereof.  

(b)Stock Powers.  

The Recipient hereby irrevocably appoints the Secretary of the Company as the Recipient’s attorney-in-fact, with full power of appointment and substitution, to execute and deliver any such power or other instrument which may be necessary to effectuate the transfer of the Restricted Stock (or assignment of distributions thereon) on the books and records of the Company.  

(c)Delivery of Vested Shares.  

On or after each Applicable Date, upon written request to the Company by the Recipient, the Company shall promptly cause a certificate or certificates to be issued for and with respect to all shares that become Vested Shares on that Applicable Date, which certificate(s) shall be delivered to the Recipient as soon as administratively practicable after the date of receipt by the Company of the Recipient’s written request.  Notwithstanding the foregoing, the Vested Shares may nevertheless be issued on a non-certificated basis.  To the extent certificated, the new certificate or certificates shall bear those legends and endorsements, if any, that the Company shall deem necessary or appropriate (including those relating to restrictions on transferability and/or obligations and restrictions under the United States securities laws).  For as long as an account is maintained in the Recipient’s name with a broker, custodian, or other institution retained by the Company to assist in the administration of the Plan, such Vested Shares may be deposited into such account.

4.Forfeiture of Non-Vested Shares

.  If the Recipient’s Continuous Service with the Company and the Related Entities is terminated for any reason, any Shares of Restricted Stock that are not Vested Shares, and that do not become Vested Shares pursuant to Section 2 hereof as a result of such termination, shall be forfeited immediately upon such termination of Continuous Service and revert back to the Company without any payment to the Recipient.  If the Recipient breaches any applicable restrictions set forth in this Agreement or in the Plan, all Non-Vested Shares (and upon written demand by the Company, in its sole and absolute discretion, any Vested Shares) shall be forfeited immediately upon such breach and revert or be transferred by the Recipient back to the Company without any payment to the Recipient.  The Committee 

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shall have the power and authority to enforce on behalf of the Company any rights of the Company under this Agreement in the event of the Recipient’s forfeiture of Non-Vested Shares pursuant to this Section 4.

5.Rights with Respect to Restricted Stock.

(a)General.  

Except as otherwise provided in this Agreement, the Recipient shall have, with respect to all of the shares of Restricted Stock, whether Vested Shares or Non-Vested Shares, all of the rights of a holder of shares of common stock of the Company, including without limitation (i) the right to vote such Restricted Stock, (ii) the right to receive dividends, if any, as may be declared on the Restricted Stock from time to time, and (iii) the rights available to all holders of shares of common stock of the Company upon any merger, consolidation, reorganization, liquidation or dissolution, stock split, stock dividend or recapitalization undertaken by the Company; provided, however, that all of such rights shall be subject to the terms, provisions, conditions and restrictions set forth in this Agreement (including without limitation conditions under which all such rights shall be forfeited).   Any Shares issued to the Recipient as a dividend with respect to shares of Restricted Stock shall have the same status and bear the same legend as the shares of Restricted Stock and shall be held by the Company, if the shares of Restricted Stock that such dividend is attributed to is being so held, unless otherwise determined by the Committee.  In addition, notwithstanding any provision to the contrary herein, any cash dividends declared with respect to shares of Restricted Stock subject to this Agreement whether Vested Shares or Non-Vested Shares shall be paid directly to the Recipient at such time as the cash dividends are paid to all such holders of the Company’s common stocks. 

(b)Adjustments to Shares.  

If at any time while this Agreement is in effect (or Shares granted hereunder shall be or remain unvested while Recipient’s Continuous Service continues and has not yet terminated or ceased for any reason), there shall be any increase or decrease in the number of issued and outstanding Shares of the Company through the declaration of a stock dividend or through any recapitalization resulting in a stock split, combination or exchange of such Shares, then and in that event, the Board or the Committee shall make any adjustments it deems fair and appropriate, in view of such change, in the number of shares of Restricted Stock then subject to this Agreement.  If any such adjustment shall result in a fractional Share, such fraction shall be disregarded.

(c)No Restrictions on Certain Transactions.  

Notwithstanding any term or provision of this Agreement to the contrary, the existence of this Agreement, or of any outstanding Restricted Stock awarded hereunder, shall not affect in any manner the right, power or authority of the Company to make, authorize or consummate: (i) any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; (ii) any merger, consolidation or similar transaction by or of the Company; (iii) any offer, issue or sale by the Company of any capital stock of the Company, including any equity or debt securities, or preferred or preference stock that would rank prior to or on parity with the Restricted Stock and/or that would include, have or possess other rights, benefits and/or preferences superior to those that the Restricted Stock includes, has or possesses, or any warrants, options or rights with respect to any of the foregoing; (iv) the dissolution or liquidation of the Company; (v) any sale, transfer or assignment of all or any part of the stock, assets or business of the Company; or (vi) any other corporate transaction, act or proceeding (whether of a similar character or otherwise).

6.Transferability

.  Unless otherwise determined by the Committee, the shares of Restricted Stock are not transferable unless and until they become Vested Shares in accordance with this Agreement, otherwise than by will or under the applicable laws of descent and distribution.  The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Recipient.  Except as otherwise permitted pursuant to the first sentence of this Section, any attempt to effect a Transfer of any shares of Restricted Stock prior to the date on which the shares become Vested Shares shall be void ab initio.  For purposes of this Agreement, “Transfer” shall mean any sale, transfer, encumbrance, gift, 

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donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.

7.Tax Matters; Section 83(b) Election.

(a)Section 83(b) Election.  

If the Recipient properly elects, within thirty (30) days of the Date of Grant, to include in gross income for federal income tax purposes an amount equal to the fair market value (as of the Date of Grant) of the Restricted Stock pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), a form of which is attached hereto as Exhibit A, the Recipient shall make arrangements satisfactory to the Company to pay to the Company any federal, state or local income taxes required to be withheld with respect to the Restricted Stock.  If the Recipient shall fail to make such tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including without limitation, the withholding of any Shares that otherwise would be issued to the Recipient under this Agreement) otherwise due to the Recipient any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock.

(b)No Section 83(b) Election.  

If the Recipient does not properly make the election described in paragraph 7(a) above, the Recipient shall, no later than the date or dates as of which the restrictions referred to in this Agreement hereof shall lapse, pay to the Company, or make arrangements satisfactory to the Committee for payment of, any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock (including without limitation the vesting thereof), and the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including without limitation, the withholding of any Shares that otherwise would be distributed to the Recipient under this Agreement) otherwise due to Recipient any federal, state, or local taxes of any kind required by law to be withheld with respect to the Restricted Stock.

(c)Recipient’s Responsibilities for Tax Consequences

.  Tax consequences on the Recipient (including without limitation federal, state, local and foreign income tax consequences) with respect to the Restricted Stock (including without limitation the grant, vesting and/or forfeiture thereof) are the sole responsibility of the Recipient.  The Recipient shall consult with his or her own personal accountant(s) and/or tax advisor(s) regarding these matters, the making of a Section 83(b) election, and the Recipient’s filing, withholding and payment (or tax liability) obligations.

8.Amendment, Modification and Assignment; Non-Transferability

.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Restricted Stock award in any material way without the prior written consent of the Recipient.  No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether 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.  Unless otherwise consented to in writing by the Company, in its sole discretion, this Agreement (and Recipient’s rights hereunder) may not be assigned, and the obligations of Recipient hereunder may not be delegated, in whole or in part.  The rights and obligations created hereunder shall be binding on the Recipient and his or her heirs and legal representatives and on the successors and assigns of the Company.

9.Complete Agreement

.  This Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, 

4

 

electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.

10.Interpretation / Provisions of Plan Control

.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted by the Committee as may be in effect from time to time.  If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.  

11.Clawback Policy. Notwithstanding any other provision of this Agreement to the contrary, any  Share of Restricted Stock granted hereunder or any Vested Shares issued, and/or any amount received with respect to any sale of any Vested Shares, as well as any cash dividends received hereunder, to the extent authorized under this Agreement, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback policy of the Company as set forth in the Plan or as otherwise may be in effect from time to time (the "Policy").  The Recipient agrees and consents to the Company's application, implementation and enforcement of (a) the Policy and (b) any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, and expressly agrees that the Company may take such actions as are necessary to effectuate the Policy, any similar policy (as applicable to the Recipient) or any amendments that may from be made from time to time in the future by the Company in its discretion without further consent or action being required by the Recipient. To the extent that the terms of this Agreement and the Policy or any similar policy conflict, then the terms of such policy shall prevail.

12.Miscellaneous.

(a)No Right to (Continued) Employment or Service

.  This Agreement and the grant of Restricted Stock hereunder shall not confer, or be construed to confer, upon the Recipient any right to employment or service, or continued employment or service, with the Company or any Related Entity.

(b)No Limit on Other Compensation Arrangements

.  Nothing contained in this Agreement shall preclude the Company or any Related Entity from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.

(c)Severability

.  If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of Restricted Stock hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect).

(d)No Trust or Fund Created

.  Neither this Agreement nor the grant of Restricted Stock hereunder shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Related Entity and the Recipient or any other person.  To the extent that the Recipient or any other person acquires a right to receive payments from the Company or any Related Entity pursuant to this Agreement, such right shall be no greater than the right of any unsecured general creditor of the Company.

(e)Law Governing

.  This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware (without reference to the conflict of laws rules or principles thereof).

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(f)Interpretation

.  The Recipient accepts the Restricted Stock subject to all of the terms, provisions and restrictions of this Agreement and the Plan.  The undersigned Recipient hereby accepts as binding, conclusive and final all decisions or interpretations of the Board or the Committee upon any questions arising under this Agreement or the Plan.  

(g)Headings

.  Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference.  Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof.

(h)Notices

.  Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Secretary at 900 Wilshire Boulevard, Suite 1250, Los Angeles, CA 90017, or if the Company should move its principal office, to such principal office, and, in the case of the Recipient, to the Recipient’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section.

(i)Non-Waiver of Breach

.  The waiver by any party hereto of the other party’s prompt and complete performance, or breach or violation, of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy which such party may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise of such right or remedy by such party, upon the occurrence of any subsequent breach or violation.  

(j)Spouse.  If the Recipient has a spouse as of the Date of Grant, the Recipient’s spouse shall execute a Consent of Spouse in the form of Exhibit B hereto, effective as of the date hereof.  Such consent shall not be deemed to confer or convey to the spouse any rights in the Restricted Stock that do not otherwise exist by operation of law or the agreement of the parties.  If the Recipient subsequent to the date hereof, marries or remarries, the Recipient shall, not later than 60 days thereafter, obtain his or her new spouse’s acknowledgement of and consent to the existence and binding effect of all restrictions contained in this Agreement by having such spouse execute and deliver a Consent of Spouse in the form of Exhibit B.

(k)Counterparts

.  This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.

[Signature page follows]

 

6

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of [DATE].

COMPANY:

HANMI FINANCIAL CORPORATION  

By:  

Name: 

Title: 

Agreed and Accepted:

RECIPIENT:

By:  __________________________________

[NAME]

 

 

1

 

 

EXHIBIT A

IF YOU WISH TO MAKE A SECTION 83(B) ELECTION, THE FILING OF SUCH ELECTION IS YOUR RESPONSIBILITY.

YOU MUST FILE THe election FORM below WITHIN 30 DAYS OF THE DATE of grant.

it is your responsibility to file this form WITH THE Internal Revenue Service, regardless of whether YOU ask the company or its agents to make this filing on YOUR behalf, even if the company or its agents have previously made this filing on YOUR Behalf.

The election should be filed by mailing a signed election form by certified mail, return receipt requested to the IRS Service Center where you file your tax returns. 

See www.irs.gov

 

 

ELECTION UNDER SECTION 83(b)

OF THE U.S. INTERNAL REVENUE CODE OF 1986

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer’s gross income for the current taxable year the amount of any compensation taxable to taxpayer in connection with his or her receipt of the property described below:

 

	
1.
	
The name, address, taxpayer identification number and taxable year of the undersigned are as follows:

 

		
	
Name:
	
 

	
Spouse:
	
 

	
Taxpayer I.D. No.:
	
 

	
Address:
	
 

	
 
	
 

	
Tax Year:
	
 

 

2.The property with respect to which the election is made is described as follows: [NUMBER] shares of the common stock (“Common Shares”) of Hanmi Financial Corporation (the “Company”).

 

3. The date on which the property was transferred is ______________, 20     .

 

4. The property is subject to the following restrictions:

 

The Common Shares are required to be returned to the Company in the event that the undersigned ceases to perform services for the Company through certain dates specified in the Restricted Stock Agreement between me and the Company dated as of [DATE].  This right lapses with regard to a portion of the Common Shares based on my Continuous Service as an Employee, Consultant or Director over time.

 

5. The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is:  $______________________.

 

6. The amount (if any) paid for such property is:  ZERO.

 

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s receipt of the above-described property.  The transferee of such property is the person performing the services in connection with the transfer of said property.  The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner.

Dated:   ___________________, 20     _______________________________________

Signature of Taxpayer

 

The undersigned spouse of taxpayer joins in this election.

Dated:   ___________________, 20      _______________________________________

Spouse of Taxpayer

 

 

 

 

EXHIBIT B

CONSENT OF SPOUSE

I, ____________________, spouse of [NAME], have read and approve the foregoing Restricted Stock Agreement (the “Agreement”).  In consideration of the Company’s grant to my spouse of the shares of common stock of Hanmi Financial Corporation as set forth in the Agreement, I hereby appoint my spouse as my attorney-in-fact in respect to the exercise of any rights under the Agreement and agree to be bound by the provisions of the Agreement insofar as I may have any rights in said Agreement or any shares of common stock issued pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state or country of our residence as of the date of the signing of the foregoing Agreement.

 

 

Dated:  _______________, 20

 

 

                                     ________________________________________

                                      Signature of Spouse

 

Print Name:  ______________________________

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