Document:

EX-10.8

 Exhibit 10.8 

OP BANCORP 
 2010 EQUITY
INCENTIVE PLAN 
 NOTICE OF GRANT OF STOCK OPTION 

Notice is hereby given of the grant of the following option to purchase shares of the Common Stock of OP Bancorp pursuant to
the OP Bancorp 2010 Equity Incentive Plan (“Plan”). 
 NOW, THEREFORE, in consideration of the promises and of the
mutual agreements contained in this Notice of Grant of Stock Option (“Grant Notice”), the parties hereto agree as follows: 

Section 1.          Definitions. As used in this Grant Notice,
the following terms shall have the following respective meanings: 
  

			
	 Agreement:
	  	 OP Bancorp Stock Option Agreement

		
	 Company:
	  	 OP Bancorp

		
	 Grant Date:
	  	 ___________, ____

		
	 Number of Shares

Optioned:
	  	 _____________

		
	 Option:
	  	 The option to purchase shares of the Company’s Common Stock granted to

Participant pursuant to the Plan, the Agreement, and this Grant Notice.

		
	 Option Exercise

Price:
	  	 $ ______ per share, which is the closing price of the Company’s Common

Stock on the trading day immediately prior to the Grant Date.

		
	 Option Expiration

Date:
	  	 __________, ____

		
	 Participant:
	  	
		
	 Plan:
	  	 OP Bancorp 2010 Equity Incentive Plan.

 Capitalized terms used in this Grant Notice and not otherwise defined shall have the meanings
ascribed thereto in the Plan and/or the Agreement. 
  

					
	 Section 2.
	  	 Designation of Option.
	  	
			
		  	 Incentive Stock Option:
	  	 _________ shares

		  	 Nonstatutory Stock Option:
	  	         _________ shares

 Section 3.          Vesting of
Options. Options shall be first exercisable and the shares subject to Option shall become Vested Shares if the Participant is in Service on the first to occur of the following: (a) in accordance with the schedule set forth immediately
below, (b) a Change of Control, or (c) the Option Expiration Date. 
 The Options shall vest at the rate of
__________ percent (__%) of such Option shares on each successive anniversary of the Grant Date. 

  
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Section 4.          Interpretation. The terms and provisions of
the Plan and the Agreement are hereby incorporated into this Grant Notice as if set forth herein in their entirety. Participant hereby agrees to be bound by the terms of the Plan, the Agreement, and this Grant Notice and by the fact that the Option
is granted subject to and in accordance with the Plan, the Agreement and this Grant Notice. In the event of a conflict between any provision of this Grant Notice or the Agreement and the Plan, the provisions of the Plan shall control. 

Section 5.          Notices. Delivery of documents and notices
shall be given in accordance with Section 13.4 of the Agreement, as follows: 
  

	 	(a)	 if to the Company, to it at: 

OP Bancorp 

1000 Wilshire Boulevard, Suite 500 

Los Angeles, CA 90017 

Attention: Chief Financial Officer 
  

	 	(b)	 if to Participant, to him or her at the address provided below. 

 

			
	 Dated:________, ____
	  	 OP BANCORP

		
		  	
By:                  
                                         
                                         
                

		  	
Its:                  
                                         
                                         
                 

	
	 BY EXECUTION BELOW I ACCEPT ALL TERMS AND CONDITIONS OF THE PLAN, THE AGREEMENT AND THIS GRANT
NOTICE.

		
		  	 PARTICIPANT:

		
	 Dated: ___________, ____
	  	 
		  	 (Signature)

		
		  	 
		  	 (Print Name)

		
		  	 Address for Notice:

		
		  	 
		  	 
		  	 

 Attachments: 

A – Stock Option Agreement 

B – OP Bancorp 2010 Equity Incentive Plan 

  
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 ATTACHMENT A 

OP BANCORP 
 STOCK
OPTION AGREEMENT 
 OP Bancorp has granted to the Participant named in the Notice of Grant of Stock Option (the
“Grant Notice”) to which this Stock Option Agreement (the “Option Agreement”) is attached an option (the “Option”) to purchase certain shares of Stock upon the terms and
conditions set forth in the Grant Notice and this Option Agreement. The Option has been granted pursuant to and shall in all respects be subject to the terms and conditions of the OP Bancorp 2010 Equity Incentive Plan (the
“Plan”), the provisions of which are incorporated herein by reference. By signing the Grant Notice, the Participant: (a) acknowledges receipt of and represents that the Participant has read and is familiar with the Grant
Notice, this Option Agreement, and the Plan, (b) accepts the Option subject to all of the terms and conditions of the Grant Notice, this Option Agreement and the Plan and (c) agrees to accept as binding, conclusive and final all decisions
or interpretations of the Committee upon any questions arising under the Grant Notice, this Option Agreement or the Plan. 
 1.
        DEFINITIONS AND CONSTRUCTION. 

1.1      Definitions. Whenever used herein, capitalized terms shall have
the meanings assigned to such terms in the Grant Notice, the Plan or as set forth below: 

(a)        “Exercise Price” means the Exercise Price
per share of Stock as set forth in the Grant Notice and as adjusted from time to time pursuant to Section 9. 

(b)        “Number of Option Shares” means the Number
of Option Shares as set forth in the Grant Notice and as adjusted from time to time pursuant to Section 9. 

(c)        “Option Expiration Date” means the date
listed under the heading “Expiration” in the Grant Notice. 

(d)        “Vested Shares” mean, as of any relevant
date, the cumulative portion of the Number of Option Shares which has become exercisable. In no event may the number of Vested Shares exceed the Number of Option Shares. Except as otherwise provided by this Option Agreement, the number of shares
(disregarding any fractional share) that will become Vested Shares on a specified date, shall be set forth in the Grant Notice. 

1.2      Construction. Captions and titles contained herein are for
convenience only and shall not affect the meaning or interpretation of any provision of this Option Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of
the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
  

	2.	 TAX CONSEQUENCES. 

2.1      Tax Status of Option. This Option is intended to have the tax
status designated in the Grant Notice. 
 (a)        Incentive Stock
Option. If the Grant Notice so designates, this Option is intended to be an Incentive Stock Option within the meaning of Section 422(b) of the Code, but the Company does not represent or warrant that this Option qualifies as
such. The Participant should consult with the Participant’s own tax advisor regarding the tax effects of this Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code, including, but not
limited to, 

  
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holding period requirements. (NOTE TO PARTICIPANT: If the Option is exercised more than three (3) months after the date on which you cease to be an Employee (other than by reason of your
death or permanent and total disability as defined in Section 22(e)(3) of the Code), the Option will be treated as a Nonstatutory Stock Option and not as an Incentive Stock Option to the extent required by Section 422 of the Code.) 

(b)        Nonstatutory Stock Option. If the Grant Notice so designates,
this Option is intended to be a Nonstatutory Stock Option and shall not be treated as an Incentive Stock Option within the meaning of Section 422(b) of the Code. 

2.2      ISO Fair Market Value Limitation. If the Grant Notice designates this Option as
an Incentive Stock Option, then to the extent that the Option (together with all Incentive Stock Options granted to the Participant under all stock option plans of the Company, including the Plan) becomes exercisable for the first time during any
calendar year for shares having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portion of such options which exceeds such amount will be treated as Nonstatutory Stock Options. For purposes of this Section 2.2,
options designated as Incentive Stock Options are taken into account in the order in which they were granted, and the Fair Market Value of stock is determined as of the time the option with respect to such stock is granted. If the Code is amended to
provide for a different limitation from that set forth in this Section 2.2, such different limitation shall be deemed incorporated herein effective as of the date required or permitted by such amendment to the Code. If the Option is treated as
an Incentive Stock Option in part and as a Nonstatutory Stock Option in part by reason of the limitation set forth in this Section 2.2, the Participant may designate which portion of such Option the Participant is exercising. In the absence of
such designation, the Participant shall be deemed to have exercised the Incentive Stock Option portion of the Option first. Separate certificates representing each such portion shall be issued upon the exercise of the Option. (NOTE TO PARTICIPANT:
If the aggregate Exercise Price of the Option (that is, the Exercise Price multiplied by the Number of Option Shares) plus the aggregate exercise price of any other Incentive Stock Options you hold (whether granted pursuant to the Plan or any other
stock option plan of the Company) is greater than $100,000, you should contact the Chief Financial Officer of the Company to ascertain whether the entire Option qualifies as an Incentive Stock Option.) 

 

	3.	 ADMINISTRATION. 

All questions of interpretation concerning this Option Agreement shall be determined by the Committee. All determinations by
the Committee shall be final and binding upon all persons having an interest in the Option. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility
of or which is allocated to the Company herein, provided the Officer has apparent authority with respect to such matter, right, obligation, or election. 
  

	4.	 EXERCISE OF THE OPTION. 

4.1        Right to Exercise. Except as otherwise provided
herein, the Option shall be exercisable prior to the termination of the Option (as provided in Section 6) in an amount not to exceed the number of Vested Shares less the number of shares previously acquired upon exercise of the Option. In no
event shall the Option be exercisable for more shares than the Number of Option Shares, as adjusted pursuant to Section 9. 

4.2        Method of Exercise. Exercise of the Option shall be by
means of electronic or written notice (the “Exercise Notice”) in a form authorized by the Company. An electronic Exercise Notice must be digitally signed or authenticated by the Participant in such manner as required by the
notice and 

  
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transmitted to the Chief Financial Officer of the Company or other authorized representative of the Company (including a third-party administrator designated by the Company). In the event that
the Participant is not authorized or is unable to provide an electronic Exercise Notice, the Option shall be exercised by a written Exercise Notice addressed to the Company, which shall be signed by the Participant and delivered in person, by
certified or registered mail, return receipt requested, by confirmed facsimile transmission, or by such other means as the Company may permit, to the Chief Financial Officer of the Company, or other authorized representative of the Company
(including a third-party administrator designated by the Company). Each Exercise Notice, whether electronic or written, must state the Participant’s election to exercise the Option, the number of whole shares of Stock for which the Option is
being exercised and such other representations and agreements as to the Participant’s investment intent with respect to such shares as may be required pursuant to the provisions of this Option Agreement. Further, each Exercise Notice must be
received by the Company prior to the termination of the Option as set forth in Section 6 and must be accompanied by full payment of the aggregate Exercise Price for the number of shares of Stock being purchased. The Option shall be deemed to be
exercised upon receipt by the Company of such electronic or written Exercise Notice and the aggregate Exercise Price. 

4.3      Payment of Exercise Price. 

(a)        Forms of Consideration Authorized. Except as otherwise
provided below, payment of the aggregate Exercise Price for the number of shares of Stock for which the Option is being exercised shall be made (i) in cash, by check, or cash equivalent, (ii) if permitted by the Company, by tender to the
Company, or attestation to the ownership, of whole shares of Stock owned by the Participant having a Fair Market Value not less than the aggregate Exercise Price, (iii) by means of a Cashless Exercise, as defined in Section 4.3(b), or
(iv) by any combination of the foregoing. 
 (b)        Limitations on
Forms of Consideration. 
 (i)        Tender of Stock.
Notwithstanding the foregoing, the Option may not be exercised by tender to the Company, or attestation to the ownership, of shares of Stock to the extent such tender or attestation would constitute a violation of the provisions of any law,
regulation or agreement restricting the redemption of the Company’s stock. If required by the Company, the Option may not be exercised by tender to the Company, or attestation to the ownership, of shares of Stock unless such shares either have
been owned by the Participant for more than six (6) months or such other period, if any, required by the Company (and not used for another option exercise by attestation during such period) or were not acquired, directly or indirectly, from the
Company. 
 (ii)        Cashless Exercise. A “Cashless
Exercise” means the delivery of a properly executed notice together with irrevocable instructions to a broker in a form acceptable to the Company providing for the assignment to the Company of the proceeds of a sale or loan with respect
to some or all of the shares of Stock acquired upon the exercise of the Option pursuant to a program or procedure approved by the Company (including, without limitation, through an exercise complying with the provisions of Regulation T as
promulgated from time to time by the Board of Governors of the Federal Reserve System). The Company reserves, at any and all times, the right, in the Company’s sole and absolute discretion, to establish, decline to approve or terminate any such
program or procedure, including with respect to the Participant notwithstanding that such program or procedures may be available to others. 

4.4      Tax Withholding. At the time the Option is exercised, in whole or
in part, or at any time thereafter as requested by the Company, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for

  
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(including by means of a Cashless Exercise to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company,
if any, which arise in connection with the Option. The Company shall have no obligation to deliver shares of Stock until the tax withholding obligations of the Company have been satisfied by the Participant. 

4.5      Beneficial Ownership of Shares; Certificate Registration. The
Participant hereby authorizes the Company, in its sole discretion, to deposit for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice any or all shares acquired by the
Participant pursuant to the exercise of the Option. Except as provided by the preceding sentence, a certificate for the shares as to which the Option is exercised shall be registered in the name of the Participant, or, if applicable, in the names of
the heirs of the Participant. 
 4.6      Restrictions on Grant of the Option and Issuance
of Shares. The grant of the Option and the issuance of shares of Stock upon exercise of the Option shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities.
The Option may not be exercised if the issuance of shares of Stock upon exercise would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market
system upon which the Stock may then be listed. THE PARTICIPANT IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED UNLESS THE FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE PARTICIPANT MAY NOT BE ABLE TO EXERCISE THE OPTION WHEN DESIRED EVEN
THOUGH THE OPTION IS VESTED. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares subject
to the Option shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to the exercise of the Option, the Company may require
the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 

4.7      Fractional Shares. The Company shall not be required to issue
fractional shares upon the exercise of the Option. 
  

	5.	 NONTRANSFERABILITY OF THE OPTION. 

During the lifetime of the Participant, an Option shall be exercisable only by the Participant or the Participant’s
guardian or legal representative. Prior to the issuance of shares of Stock upon the exercise of an Option, the Option shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or
garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. Following the death of the Participant, the Option, to the extent provided in Section 7, may
be exercised by the Participant’s legal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution. 

6.    TERMINATION OF THE OPTION. 

The Option shall terminate and may no longer be exercised after the first to occur of (a) the close of business on the
Option Expiration Date, (b) the close of business on the last date for exercising the Option following termination of the Participant’s Service as described in Section 7, or (c) a Change in Control to the extent provided in
Section 8. 

  
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	7.	 EFFECT OF TERMINATION OF SERVICE. 

7.1      Option Exercisability. 

(a)        Disability. If the Participant’s Service
terminates because of the Disability of the Participant, the Option, to the extent unexercised and exercisable on the date on which the Participant’s Service terminated, may be exercised by the Participant (or the Participant’s guardian or
legal representative) at any time prior to the expiration of one (1) year after the date on which the Participant’s Service terminated, but in any event no later than the Option Expiration Date. 

(b)        Death. If the Participant’s Service terminates
because of the death of the Participant, the Option, to the extent unexercised and exercisable on the date on which the Participant’s Service terminated, may be exercised by the Participant’s legal representative or other person who
acquired the right to exercise the Option by reason of the Participant’s death at any time prior to the expiration of one (1) year after the date on which the Participant’s Service terminated, but in any event no later than the Option
Expiration Date. The Participant’s Service shall be deemed to have terminated on account of death if the Participant dies within ninety (90) days after the Participant’s termination of Service. 

(c)        Termination for Cause. Notwithstanding any other
provision of the Plan to the contrary, if the Participant’s Service is terminated for Cause, the Option shall terminate and cease to be exercisable immediately upon such termination of Service. 

(d)        Other Termination of Service. If the
Participant’s Service terminates for any reason, except Disability, death or Cause, the Option, to the extent unexercised and exercisable by the Participant on the date on which the Participant’s Service terminated, may be exercised by the
Participant at any time prior to the expiration of ninety (90) days after the date on which the Participant’s Service terminated, but in any event no later than the Option Expiration Date. 

7.2      Extension if Exercise Prevented by Law. Notwithstanding the
foregoing other than termination of the Participant’s Service for Cause, if the exercise of the Option within the applicable time periods set forth in Section 7.1 is prevented by the provisions of Section 4.6, the Option shall remain
exercisable until ninety (90) days after the date the Participant is notified by the Company that the Option is exercisable, but in any event no later than the Option Expiration Date. 

7.3      Extension if Participant Subject to Section 16(b).
Notwithstanding the foregoing other than termination of the Participant’s Service for Cause, if a sale within the applicable time periods set forth in Section 7.1 of shares acquired upon the exercise of the Option would subject the
Participant to suit under Section 16(b) of the Exchange Act, the Option shall remain exercisable until the earliest to occur of (i) the tenth (10th) day following the date on which a sale of such shares by the Participant would no
longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day after the Participant’s termination of Service, or (iii) the Option Expiration Date. 

 

	8.	 EFFECT OF CHANGE IN CONTROL. 

In the event of a Change in Control, any unexercised portion of the Option shall become immediately exercisable and vested in
full effective immediately prior to and conditioned upon the Change in Control, provided that the Participant’s Service has not terminated prior to such date. Any exercise of the Option that was permissible solely by reason of this Section
shall be conditioned upon the consummation of the Change in Control. The Committee may, in its sole discretion and without the consent of the Participant, determine that, upon the occurrence of a Change in Control, each or any

  
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Option outstanding immediately prior to the Change in Control shall be canceled in exchange for a payment with respect to each vested share of Stock subject to such canceled Option in cash equal
to the excess of the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control over the exercise price per share under such Option (the “Spread”). In the event such determination is made by
the Committee, the Spread (reduced by applicable withholding taxes, if any) shall be paid to the Participant in respect of the canceled Options as soon as practicable following the date of the Change in Control. Notwithstanding the foregoing, shares
acquired upon exercise of the Option prior to the Change in Control and any consideration received pursuant to the Change in Control with respect to such shares shall continue to be subject to all applicable provisions of this Option Agreement
except as otherwise provided herein. 
  

	9.	 ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE. 

Subject to any required action by the stockholders of the Company, in the event of any change in the Stock effected without
receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or
distribution to the stockholders of the Company in a form other than Stock (excepting normal cash dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate adjustments shall be made in the number, Exercise Price
and class of shares subject to the Option, in order to prevent dilution or enlargement of the Participant’s rights under the Option. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as
“effected without receipt of consideration by the Company.” Any fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number, and in no event may the Exercise Price be decreased
to an amount less than the par value, if any, of the stock subject to the Option. The Committee in its sole discretion, may also make such adjustments in the terms of the Option to reflect, or related to, such changes in the capital structure of the
Company or distributions as it deems appropriate. The adjustments determined by the Committee pursuant to this Section shall be final, binding and conclusive. 
  

	10.	 RIGHTS AS A STOCKHOLDER, DIRECTOR OR EMPLOYEE. 

The Participant shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the
issuance of the shares for which the Option has been exercised (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or
other rights for which the record date is prior to the date the shares are issued, except as provided in Section 9. If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a
separate, written employment agreement between the Company and the Participant, the Participant’s employment is “at will” and is for no specified term. Nothing in this Option Agreement shall confer upon the Participant any right to
continue in the Service of the Company or interfere in any way with any right of the Company to terminate the Participant’s Service as a Director, or an Employee, as the case may be, at any time. 

 

	11.	 NOTICE OF SALES UPON DISQUALIFYING DISPOSITION. 

The Participant shall dispose of the shares acquired pursuant to the Option only in accordance with the provisions of this
Option Agreement. In addition, if the Grant Notice designates this Option as an Incentive Stock Option, the Participant shall (a) promptly notify the Chief Financial Officer of the Company if the Participant disposes of any of the shares
acquired pursuant to the Option within one (1) year after the date the Participant exercises all or part of the Option or within two (2) years after the 

  
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Grant Date and (b) provide the Company with a description of the circumstances of such disposition. Until such time as the Participant disposes of such shares in a manner consistent with the
provisions of this Option Agreement, unless otherwise expressly authorized by the Company, the Participant shall hold all shares acquired pursuant to the Option in the Participant’s name (and not in the name of any nominee) for the one-year period immediately after the exercise of the Option and the two-year period immediately after Grant Date. At any time during the
one-year or two-year periods set forth above, the Company may place a legend on any certificate representing shares acquired pursuant to the Option requesting the
transfer agent for the Company’s stock to notify the Company of any such transfers. The obligation of the Participant to notify the Company of any such transfer shall continue notwithstanding that a legend has been placed on the certificate
pursuant to the preceding sentence. 
  

	12.	 LEGENDS. 

The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on
all certificates representing shares of stock subject to the provisions of this Option Agreement. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to
the Option in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but shall not be limited to, the following: 

12.1      “THE SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE COMPANY TO THE
REGISTERED HOLDER UPON EXERCISE OF AN INCENTIVE STOCK OPTION AS DEFINED IN SECTION 422 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“ISO”). IN ORDER TO OBTAIN THE PREFERENTIAL TAX TREATMENT AFFORDED TO ISOs, THE SHARES SHOULD NOT
BE TRANSFERRED PRIOR TO [INSERT DISQUALIFYING DISPOSITION DATE HERE]. SHOULD THE REGISTERED HOLDER ELECT TO TRANSFER ANY OF THE SHARES PRIOR TO THIS DATE AND FOREGO ISO TAX TREATMENT, THE TRANSFER AGENT FOR THE SHARES SHALL NOTIFY THE COMPANY
IMMEDIATELY. THE REGISTERED HOLDER SHALL HOLD ALL SHARES PURCHASED UNDER THE INCENTIVE STOCK OPTION IN THE REGISTERED HOLDER’S NAME (AND NOT IN THE NAME OF ANY NOMINEE) PRIOR TO THIS DATE OR UNTIL TRANSFERRED AS DESCRIBED ABOVE.” 

 

	13.	 MISCELLANEOUS PROVISIONS. 

13.1      Termination or Amendment. The Committee may terminate or amend the Plan or the
Option at any time; provided, however, that except as provided in Section 8 in connection with a Change in Control, no such termination or amendment may adversely affect the Option or any unexercised portion hereof without the consent of the
Participant unless such termination or amendment is necessary to comply with any applicable law or government regulation. No amendment or addition to this Option Agreement shall be effective unless in writing. 

13.2      Further Instruments. The parties hereto agree to execute such further
instruments and to take such further action as may reasonably be necessary to carry out the intent of this Option Agreement. 

13.3      Binding Effect. Subject to the restrictions on transfer set forth herein, this
Option Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. 

  
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 13.4      Delivery of Documents and
Notices. Any document relating to participation in the Plan or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Option Agreement provides for effectiveness
only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by the Company, or upon deposit in the U.S. Post Office or
foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such
other address as such party may designate in writing from time to time to the other party. 

(a)        Description of Electronic Delivery. The Plan documents, which
may include but do not necessarily include: the Plan, the Grant Notice, this Option Agreement, and any plan prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant
electronically. In addition, the Participant may deliver electronically the Exercise Notice called for by Section 4.2 to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such
means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. 

(b)        Consent to Electronic Delivery. The Participant
acknowledges that the Participant has read Section 13.4(a) of this Option Agreement and consents to the electronic delivery of the Plan documents and the delivery of the Exercise Notice, as described in Section 13.4(a) and (b). The
Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Chief Financial Officer of the Company by telephone or in writing. The
Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the
Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in
Section 13.4(a) and (b) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 13.4(a)
and (b). 
 13.5      Integrated Agreement. The Grant Notice, this Option Agreement and
the Plan, together with any employment, service or other agreement between the Participant and the Company referring to the Option, shall constitute the entire understanding and agreement of the Participant and the Company with respect to the
subject matter contained herein and supersede any prior agreements, understandings, restrictions, representations, or warranties among the Participant and the Company with respect to such subject matter. To the extent contemplated herein, the
provisions of the Grant Notice, the Option Agreement and the Plan shall survive any exercise of the Option and shall remain in full force and effect. 

13.6      Applicable Law. This Option Agreement shall be governed by the laws of the
State of California as such laws are applied to agreements between California residents entered into and to be performed entirely within the State of California. 

13.7      Counterparts. The Grant Notice may be executed in counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 ATTACHMENT B 

OP BANCORP 
 2010 EQUITY
INCENTIVE PLANEX-10.9

 Exhibit 10.9 

OP BANCORP 
 RESTRICTED
STOCK UNIT AGREEMENT 
 This Restricted Stock Unit Agreement (this “Agreement”) is made and entered
into as of                          (the “Grant Date”) by and between OP Bancorp, a California
corporation (the “Company”), and
                                         
                (the “Grantee”). 

WHEREAS, the Company has adopted the 2010 Equity Incentive Plan (the “Plan”) pursuant to which awards
of Restricted Stock Units may be granted; and 
 WHEREAS, the Committee has determined that it is in the best
interests of the Company and its shareholders to grant the award of Restricted Stock Units provided for herein. 
 NOW,
THEREFORE, the parties hereto, intending to be legally bound, agree as follows: 

1.      Grant of Restricted Stock Units. 

1.1        Pursuant to Section 9 of the Plan, the Company
hereby issues to the Grantee on the Grant Date an Award consisting of, in the aggregate,
                                 Restricted Stock Units (the “Restricted
Stock Units”). Each Restricted Stock Unit represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement and the Plan. Capitalized terms that are used but not defined herein have
the meaning ascribed to them in the Plan. 
 1.2      The Restricted Stock Units shall be
credited to a separate account maintained for the Grantee on the books and records of the Company (the “Account”). All amounts credited to the Account shall continue for all purposes to be part of the general assets of the Company.

 2.      Consideration. The grant of the Restricted Stock Units is made in
consideration of the services to be rendered by the Grantee to the Company. 

3.      Vesting. 

3.1        Except as otherwise provided herein, provided that the Grantee remains in
Service through the applicable vesting date, and further provided that performance goals set forth herein have been satisfied         % of the Restricted Stock Units will vest on
                                     (commencing with
                            ,
20            ) of each year if the Company’s Net Income for the period completed the prior year ended December 31 (“Target Year”) exceeds either the Net
Income budget for the Target Year, or with the approval of the Board of Directors and Chief Executive Officer         % of the Net Income budget for the Target Year, until such time as all the
Restricted Stock Units have vested or otherwise have been forfeited to Company under the terms of this Agreement. The Board of Directors shall approve the Net Income budget for each Target Year no later than March 30 of such Target Year. 

Once vested, the Restricted Stock Units become “Vested Units.” 

3.2        The foregoing vesting schedule notwithstanding, (a) if the
Grantee’s Service terminates for any reason other than death or Disability at any time before all of his or her Restricted Stock Units have vested, the Grantee’s unvested Restricted Stock Units shall be automatically forfeited upon such
termination of Service and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement; (b) if the Grantee’s Service terminates as a result of the Grantee’s death or Disability, 100% of
the unvested Restricted Stock Units shall vest as of the date of such termination; and (c) upon the occurrence of a Change in Control, 100% of the unvested Restricted Stock Units shall vest as of the date of the Change in Control. 

  
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 4.      Restrictions. Subject to any
exceptions set forth in this Agreement or the Plan, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to assign,
alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Grantee and
all of the Grantee’s rights to such units shall immediately terminate without any payment or consideration by the Company. 

5.      Rights as Shareholder; Dividend Equivalents. 

5.1        The Grantee shall not have any rights of a shareholder with respect to the
shares of Common Stock underlying the Restricted Stock Units unless and until the Restricted Stock Units vest and are settled by the issuance of such shares of Common Stock. 

5.2        Upon and following the settlement of the Restricted Stock Units, the
Grantee shall be the record owner of the shares of Common Stock underlying the Restricted Stock Units unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company
(including voting rights). 
 6.      Settlement of Restricted Stock Units. Subject to
Section 9 hereof, promptly following the vesting date and in any event no later than 30 days thereafter, the Company shall (a) issue and deliver to the Grantee the number of shares of Common Stock equal to the number
of Vested Units; and (b) enter the Grantee’s name on the books of the Company as the shareholder of record with respect to the shares of Common Stock delivered to the Grantee. 

7.      No Right to Continued Service. Neither the Plan nor this Agreement shall confer
upon the Grantee any right to be retained in any position, as an Employee or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Grantee’s Service at
any time, with or without Cause. 
 8.      Adjustments. If any change is made to the
outstanding Common Stock or the capital structure of the Company, if required, the Restricted Stock Units shall be adjusted or terminated in any manner as contemplated by Section 4.2. 

9.      Tax Liability and Withholding. 

9.1        The Grantee shall be required to pay to the Company, and the Company shall
have the right to deduct from any compensation paid to the Grantee pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to
satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: 

(a)        tendering a cash payment. 

(b)        authorizing the Company to withhold shares of Common Stock from the shares
of Common Stock otherwise issuable or deliverable to the Grantee as a result of the vesting of the Restricted Stock Units; provided, however, that no shares of Common Stock shall be withheld with a value exceeding the minimum amount of tax required
to be withheld by law. 

  
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 (c)        delivering to the
Company previously owned and unencumbered shares of Common Stock. 

9.2        Notwithstanding any action the Company takes with respect to any or all
income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related
Items in connection with the grant, vesting or settlement of the Restricted Stock Units or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Stock Units to reduce or eliminate the Grantee’s liability
for Tax-Related Items. 
 10.      Compliance with
Law. The issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock
exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully
complied with to the satisfaction of the Company and its counsel. 
 11.      Notices.
Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Secretary of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Grantee under
this Agreement shall be in writing and addressed to the Grantee at the Grantee’s address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time
to time. 
 12.      Governing Law. This Agreement will be construed and interpreted in
accordance with the laws of the State of California without regard to conflict of law principles. 

13.      Interpretation. Any dispute regarding the interpretation of this Agreement shall
be submitted by the Grantee or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Grantee and the Company. 

14.      Restricted Stock Units Subject to Plan. This Agreement is subject to the Plan as
approved by the Company’s shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a
term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

15.      Successors and Assigns. The Company may assign any of its rights under this
Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Grantee and the Grantee’s
beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock Units may be transferred by will or the laws of descent or distribution. 

16.      Severability. The invalidity or unenforceability of any provision of the Plan or
this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law. 

  
 3 

 17.      Discretionary Nature of Plan.
The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Restricted Stock Units in this Agreement does not create any contractual right or other right to receive any
Restricted Stock Units or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and
conditions of the Grantee’s employment with the Company. 
 18.      Amendment.
The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Stock Units, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Grantee’s material rights under this Agreement
without the Grantee’s consent. 
 19.      Section 409A. This Agreement is
intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the
Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code 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 Grantee on account of non-compliance with Section 409A of the Code. Notwithstanding Section 11 of the Plan, a Transaction
shall not be treated as a Change in Control unless it also (i) constitutes a “change in the ownership of a corporation,” a “change in the effective control of a corporation,” or a “change in the ownership of a
substantial portion of the assets of a corporation” as those phrases are used in Treasury Regulation section 1.409A-3(i)(5) and (ii) the Award constitutes a “deferral of compensation” that
is not exempt from Section 409A of the Code.” 
 20.      No Impact on Other
Benefits. The value of the Grantee’s Restricted Stock Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit. 

21.      Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any
other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

22.      Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and
this Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts the Restricted Stock Units subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges that there may be
adverse tax consequences upon the vesting or settlement of the Restricted Stock Units or disposition of the underlying shares and that the Grantee has been advised to consult a tax advisor prior to such vesting, settlement or disposition. 

[SIGNATURE PAGE FOLLOWS] 

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

			
	 OP BANCORP

a California corporation

 
			
		
	 By:
	 	 

 
			
	 Name:
	 	 

 
			
	 Title:
	 	 

 
			
		
	 	 	
		
		 	

 
			
	 By:
	 	 

 
			
	 Name:
	 	 

  
 S-1

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