Document:

exv10w1

Exhibit 10.1

CONFIDENTIAL

HANMI FINANCIAL CORPORATION

Common Stock Purchase Agreement

June 27, 2011

WOORI INVESTMENT & SECURITIES

23-4 Yoido-dong Youngdungpo-gu

Seoul 150-725 Korea

Ladies and Gentlemen:

     Hanmi Financial Corporation, a Delaware corporation (the “Company”), proposes to issue
and sell to you (the “Purchaser”) that number of shares of common stock, par value $0.001
per share (the “Common Stock”), of the Company as determined pursuant to the calculation
set forth in Section 1(a) below (the “Shares”). The issuance and sale to the Purchaser of
the Shares is to be consummated immediately subsequent to the closing of the issuance and sale of
shares of the Company’s Common Stock in its proposed public offering (the “Public
Offering”) pursuant to an Underwriting Agreement to be entered into by and between the Company
and FBR Capital Markets & Co. (the “Underwriter”). Such Underwriting Agreement, in the
form executed by the Company and the Underwriter in connection with the Public Offering, is
referred to herein as the “Underwriting Agreement”.

     The Company has filed with the Securities and Exchange Commission (the “SEC”), a
registration statement on Form S-3 (No. 333-163206) including a prospectus (the “Registration
Statement”), for the registration of the shares to be sold in the Public Offering (the
“Public Offering Shares”) under the Securities Act of 1933, as amended (the “Securities
Act”), and the rules and regulations thereunder (the “Securities Act Regulations”).
The term “Base Prospectus” means the prospectus dated November 30, 2009 included in the
Registration Statement, including all information incorporated by reference therein. The term
“Prospectus Supplement” means the final prospectus supplement specifically relating to the
Public Offering Shares in the form first filed with the SEC pursuant to Rule 424 under the
Securities Act, including all information incorporated by reference therein. The term
“Prospectus” means the Base Prospectus together with the Prospectus Supplement. The term
“Preliminary Prospectus” means the preliminary form of the Prospectus in the form filed
with the SEC in connection with the Public Offering pursuant to Rule 424 of the Securities Act
Regulations.

     1. Purchase of the Shares by the Purchaser.

          (a) The Company agrees to issue and sell the Shares to the Purchaser as provided in this
agreement (the “Agreement”), and the Purchaser agrees to purchase from the Company the
Shares at a price per share (the “Purchase Price”) equal to the per share public offering
price in the Public Offering (prior to any underwriting discounts and commissions) (the
“Offering Price”). The number of shares to be sold by the Company and purchased by the
Purchaser shall equal that number of shares equal to 4.9 percent of the Company’s issued and

 

 

outstanding Common Stock (after taking into account the issuance of the shares in the Public
Offering); provided, however, if such share amount shall result in the Purchaser becoming the
single stockholder of record or beneficial owner of the largest amount of the Company’s outstanding
Common Stock at the closing (after taking into account the issuance of the shares in the Public
Offering), then the number of shares to be sold by the Company and purchased by the Purchaser shall
be reduced by a number such that the Purchaser becomes the stockholder of record or beneficial
owner of one (1) share less than the stockholder of the second largest amount of the Company’s
outstanding Common Stock at the closing.

          (b) Payment for the Shares shall be made by wire transfer in immediately available funds to
the account specified by the Company to the Purchaser, at the location and at the time of the
closing of the Public Offering, subject to the satisfaction of the conditions set forth herein. The
time and date of such payment for the Shares is referred to herein as the “Closing Date”.
On the Closing Date, the Company shall deliver to the Purchaser a certificate executed by an
officer of the Company specifying the exact number of shares that are being purchased by the
Purchaser and the purchase price that is being paid therefor.

     Payment for the Shares to be purchased on the Closing Date shall be made against delivery to
the Purchaser of the Shares registered in the name of the Purchaser, which Shares shall be
uncertificated shares.

     2. Registration Rights.
In connection with the purchase of the Shares, the Purchaser and the Company agree to enter
into a Registration Rights Agreement containing customary terms and provisions for the resale
registration of securities purchased in a private placement (the “Rights Agreement”),
solely for the purpose of providing the Purchaser with registration rights with respect to the
Shares; provided, however, the Rights Agreement shall provide (i) a covenant by the Company to file
the resale registration statement within 45 calendar days following the receipt by the Company of a
notice from Purchaser exercising its registration right (the “Demand Notice”) in the case
of any registration eligible to made on Form S-3 or comparable form, or within 60 calendar days
following the receipt of the Demand Notice by the Company in the case of any registration made on
Form S-1 or comparable form; and (ii) a covenant by the Company to use its commercially reasonable
efforts to cause the registration statement to be declared effective by the SEC as soon as
practicable.

     3. Representations and Warranties of the Company.
The Company hereby represents and warrants to the Purchaser as of the date hereof and as of
the Closing Date (except for the representations and warranties that specify that they are made as
of the date that the Underwriting Agreement is entered into by the Company and the Underwriter (the
“UA Execution Date”) and as of the Closing Date, which shall be made as of the UA Execution
Date and as of the Closing Date):

          (a) Organization and Qualification. The Company has been duly incorporated and is
validly existing as a corporation in good standing under the laws of the State of Delaware, with
power and authority (corporate and other) to own its properties and conduct its business as now
conducted, and has been duly qualified as a foreign corporation for the transaction of business and
is in good standing under the laws of each jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification, except where the failure

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to so qualify or be in good standing in any such jurisdiction would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. For purposes of this
Section 3, “Material Adverse Effect” means any material adverse change, or any development
involving a prospective material adverse change, (i) in or affecting the general affairs,
management, consolidated financial position, consolidated stockholders’ equity or consolidated
results of operations of the Company and its subsidiaries, taken as a whole, or (ii) that could
adversely affect, prevent or delay, in any material respect, the ability of Company to perform any
of its covenants or obligations under this Agreement or the Rights Agreement, or to consummate the
sale and issuance of the Shares or the other transactions contemplated hereby and thereby.

          (b) Authorization; Enforceability. The Company has the requisite corporate power and
authority to enter into this Agreement and the Rights Agreement and to perform its obligations
hereunder and thereunder. All corporate action on the part of the Company, its officers, directors
and stockholders necessary for the authorization, execution and delivery of this Agreement and the
Rights Agreement, the performance of all obligations of the Company hereunder and thereunder, and
the authorization, issuance and delivery of the Shares has been taken and no other corporate
proceedings on the part of the Company, its officers, directors or stockholders are necessary to
authorize and approve this Agreement, the Rights Agreement or the transactions contemplated hereby
and thereby. Each of this Agreement and the Rights Agreement has been duly executed and delivered
by the Company and constitutes (or will constitute at the Closing Date) the valid and legally
binding obligations of the Company, enforceable against the Company in accordance with its terms
(i) except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, and any other laws of general application affecting enforcement of creditors’ rights
generally, and as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies, or (ii) to the extent the indemnification provisions contained
in the Rights Agreement may be limited by applicable federal or state securities laws.

          (c) Valid Issuance of Shares. The Shares have been duly authorized and, when issued
and delivered against payment therefor as provided herein, will be validly issued and fully paid
and non-assessable, and as of the UA Execution Date and the Closing Date will conform to the
description of the Company’s Common Stock contained in the Prospectus.

          (d) No Conflicts. The issue and sale of the Shares, the compliance by the Company with
this Agreement and the Rights Agreement and the consummation of the transactions herein and therein
contemplated will not (i) conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its subsidiaries is a
party or by which the Company or any of its subsidiaries is bound or to which any of the property
or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the
provisions of the Certificate of Incorporation or Bylaws of the Company, each as amended to date,
or (iii) result in any violation of any statute or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any
of their properties, except in the case of (i) and (iii), as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect; and no consent, approval,
authorization, order, registration or qualification of or with any such court or governmental
agency or body is required for the issue and sale of the Shares by the

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Company or the consummation by the Company of the transactions contemplated by this Agreement
or the Rights Agreement, except (A) such consents, approvals, authorizations, orders, registrations
or qualifications as may be required under Regulation D of the Securities Act of 1933, as amended
(the “Securities Act”), state securities or Blue Sky laws, or (B) where the failure to
obtain any such consent, approval, authorization, order, registration or qualification would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

          (e) No Violation or Default. Neither the Company nor any of its subsidiaries is (i) in
violation of its Certificate of Incorporation or Bylaws, each as amended to date, or (ii) in
default in the performance or observance of any obligation, agreement, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or
instrument to which it is a party or by which it or any of its properties may be bound, except in
the case of (ii) for such defaults as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

          (f) Description of Capital Stock. As of the UA Execution Date and as of the Closing
Date, the statements set forth in the Prospectus under the caption “Description of Capital Stock”,
insofar as they purport to constitute a summary of the terms of the Company’s capital stock, are
accurate, complete and fair in all material respects.

          (g) Broker. The Company has not, and no director, officer or employee of it has,
employed any broker or finder, or incurred or will incur any broker’s, finder’s or similar fees,
commissions or expenses, in each case in connection with the transactions contemplated by this
Agreement.

          (h) Registration Statement.

               (i) The Company has prepared and filed the Registration Statement in conformity with the
requirements of the Securities Act and the Securities Act Regulations, which became effective as of
November 30, 2009, which provide for the offering of Common Stock and other securities of the
Company, including the offering of the Public Offering Shares, from time to time in accordance with
Rule 415(a)(1)(x) of the Securities Act Regulations, and such amendments thereof as may have been
required. The Company and the proposed Public Offering meet the requirements and comply with the
conditions for the use of Form S-3 under the Securities Act. The Company has complied, to the
SEC’s satisfaction, with all requests of the SEC for additional or supplemental information. Any
Rule 462(b) Registration Statement has become effective under the Securities Act. No stop order
suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration
Statement has been issued by the SEC, and no proceedings for that purpose have been instituted or
are pending or, to the Company’s knowledge, are contemplated or threatened by the SEC, and any
request received by the Company on the part of the SEC for additional information has been complied
with.

               (ii) The Registration Statement and any Rule 462(b) Registration Statement, as of their
effective dates and as of the date hereof, did not, do not and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading; and the Preliminary

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Prospectus does not, and the Prospectus or any amendment or supplement thereto will not, as of
the applicable filing date, the UA Execution Date and the Closing Date, contain an untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided, however, that
the Company makes no warranty or representation with respect to any statement contained in or
omitted from the Registration Statement, the Preliminary Prospectus or the Prospectus in reliance
upon and in conformity with the information concerning the Underwriter and furnished in writing by
or on behalf of the Underwriter through the Underwriter to the Company expressly for use therein.

          (i) Prospectus. The Preliminary Prospectus when filed and the Registration Statement
as of each effective date and as of the UA Execution Date complied or will comply, and the
Prospectus and any further amendments or supplements to the Registration Statement, the Preliminary
Prospectus or the Prospectus will, when they become effective or are filed with the SEC, as the
case may be, comply, in all material respects with the requirements of the Securities Act and the
Securities Act Regulations.

          (j) Issuer Free Writing Prospectus. The term “Issuer Free Writing Prospectus”
means any issuer free writing prospectus, as defined in Rule 433 of the Securities Act Regulations.
The term “Free Writing Prospectus” means any free writing prospectus, as defined in Rule
405 of the Securities Act Regulations. Each Issuer Free Writing Prospectus, if any, as of its
issue date and at all subsequent times through the Closing Date did not, does not and will not
include any information that conflicted, conflicts or will conflict with the information contained
in the Registration Statement. As of its issue date or date of first use and at all subsequent
times through the UA Execution Date, each Issuer Free Writing Prospectus, if any, when considered
together with the rest of the disclosure package used by the Underwriter pursuant to the
Underwriting Agreement (the “Disclosure Package”), did not, and at the time of each sale of
the Public Offering Shares and at the Closing Date, each such Issuer Free Writing Prospectus will
not, contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided, however, that the Company makes no warranty or representation with
respect to any statement contained in or omitted from the Disclosure Package in reliance upon and
in conformity with the information concerning the Underwriter and furnished in writing by the
Underwriter to the Company expressly for use therein.

          (k) Free Writing Prospectuses. The Company is eligible to use Free Writing
Prospectuses in connection with this offering pursuant to Rules 164 and 433 under the Securities
Act; any Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under
the Securities Act Regulations has been, or will be, filed with the SEC in accordance with the
requirements of the Securities Act and the Securities Act Regulations; and each Free Writing
Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the
Securities Act Regulations or that was prepared by or on behalf of or used by the Company complies
or will comply in all material respects with the requirements of the Securities Act and the
Securities Act Regulations.

     4. Representations and Warranties of the Purchaser.
The Purchaser hereby represents and warrants to the Company as of the date hereof and as of
the Closing Date that:

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          (a) Organization and Qualification. The Purchaser has been duly incorporated and is
validly existing as a corporation in good standing under the laws of the country of Korea, with
power and authority (corporate and other) to own its properties and conduct its business as now
conducted, and has been duly qualified as a foreign corporation for the transaction of business and
is in good standing under the laws of each jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification, except where the failure to so qualify
or be in good standing in any such jurisdiction would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. For purposes of this Section 4,
“Material Adverse Effect” means any material adverse change, or any development involving a
prospective material adverse change, (i) in or affecting the general affairs, management,
consolidated financial position, consolidated stockholders’ equity or consolidated results of
operations of the Purchaser and its subsidiaries, taken as a whole, or (ii) that could adversely
affect, prevent or delay, in any material respect, the ability of the Purchaser to perform any of
its covenants or obligations under this Agreement or the Rights Agreement, or to consummate the
purchase of the Shares or the other transactions contemplated hereby and thereby.

          (b) Authorization; Enforceability. The Purchaser has the requisite corporate or other
applicable organizational power and authority to enter into this Agreement and the Rights Agreement
and to perform its obligations hereunder and thereunder. All corporate or other applicable
organizational action on the part of the Purchaser, its officers, directors and stockholders
necessary for the authorization, execution and delivery of this Agreement and the Rights Agreement,
and the performance of all obligations of the Purchaser hereunder and thereunder has been taken and
no other corporate or other applicable organizational proceedings on the part of the Purchaser, its
officers, directors or stockholders are necessary to authorize and approve this Agreement, the
Rights Agreement or the transactions contemplated hereby and thereby. Each of this Agreement and
the Rights Agreement has been duly executed and delivered by the Purchaser and constitutes (or will
constitute at the Closing Date) the valid and legally binding obligations of the Purchaser,
enforceable against the Purchaser in accordance with its terms (i) except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of
general application affecting enforcement of creditors’ rights generally, and as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable
remedies, or (ii) to the extent the indemnification provisions contained in the Rights Agreement
may be limited by applicable federal or state securities laws.

          (c) No Conflicts. The purchase of the Shares, the compliance by the Purchaser with
this Agreement and the Rights Agreement and the consummation of the transactions herein and therein
contemplated will not (i) conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Purchaser or any of its subsidiaries is a
party or by which the Purchaser or any of its subsidiaries is bound or to which any of the property
or assets of the Purchaser or any of its subsidiaries is subject, (ii) result in any violation of
the provisions of the corporate charter documents of the Purchaser, or (iii) result in any
violation of any statute or any order, rule or regulation of any court or governmental agency or
body having jurisdiction over the Purchaser or any of its subsidiaries or any of their properties,
except in the case of (i) and (iii), as would not, individually or in the aggregate, reasonably be

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expected to have a Material Adverse Effect; and no consent, approval, authorization, order,
registration or qualification of or with any such court or governmental agency or body is required
for the purchase of the Shares by the Purchaser or the consummation by the Purchaser of the
transactions contemplated by this Agreement or the Rights Agreement, except where the failure to
obtain any such consent, approval, authorization, order, registration or qualification would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

          (d) Purchase Entirely for Own Account. The Purchaser hereby confirms that the Shares
will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not
with a view to the resale or distribution of any part thereof, and that the Purchaser has no
present intention of selling, granting any participation in, or otherwise distributing the same. By
executing this Agreement, the Purchaser further represents that the Purchaser does not presently
have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant
participations to such person or to any third person, with respect to any of the Shares.

          (e) Disclosure of Information. The Purchaser believes it has received all the
information it considers necessary or appropriate for deciding whether to purchase the Shares. The
Purchaser further represents that it has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions of the offering of the Shares.

          (f) Restricted Securities. The Purchaser understands that the Shares are being issued
in a transaction that was not, and will not be, registered under the Securities Act by reason of a
specific exemption from the registration provisions of the Securities Act which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s
representations as expressed herein. The Purchaser understands that the Shares are “restricted
securities” under applicable U.S. federal and state securities laws and that, pursuant to these
laws, the Purchaser must hold the Shares indefinitely unless they are registered with the SEC and
qualified by state authorities, or an exemption from such registration and qualification
requirements is available. The Purchaser acknowledges that the Company has no obligation to
register or qualify the Shares for resale. The Purchaser further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements
including, but not limited to, the time and manner of sale, the holding period for the Shares, and
on requirements relating to the Company which are outside of the Purchaser’s control, and which the
Company is under no obligation and may not be able to satisfy.

          (g) Legends. The Purchaser understands that the Shares may bear one or all of the
following legends:

               (i) “THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A TRANSACTION THAT WAS NOT
REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY
BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN
A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933.”

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               (ii) Any legend required by the Blue Sky laws of any state to the extent such laws are
applicable to the Shares represented by the certificate so legended.

          (h) Accredited Investor. The Purchaser is an accredited investor as defined in Rule
501(a) of Regulation D promulgated under the Securities Act. The Purchaser’s principal place of
business is set forth in Section 8 below.

          (i) Broker. The Purchaser has not, and no director, officer or employee of it has,
employed any broker or finder, or incurred or will incur any broker’s, finder’s or similar fees,
commissions or expenses, in each case in connection with the transactions contemplated by this
Agreement.

     5. Conditions of Purchaser’s Obligations.
The obligation of the Purchaser to purchase the Shares on the Closing Date as provided
herein is subject to the following conditions:

          (a) Representations and Warranties. The representations and warranties of the Company
contained herein shall be true and correct on the date hereof and on and as of the Closing Date
(except to the extent any such representations and warranties expressly relate to an earlier date,
in which case, as of such earlier date, and except for the representations and warranties that
specify that they are made as of the UA Execution Date and as of the Closing Date, in which case,
as of the UA Execution Date and as of the Closing Date).

          (b) Public Offering Shares. The Underwriter shall have purchased, immediately prior to
the purchase of the Shares by the Purchaser hereunder, the Public Offering Shares at the same
purchase price (less any underwriting discounts or commissions) per share payable by the Purchaser
hereunder.

          (c) No Legal Impediment to Issuance. No action shall have been taken and no statute,
rule, regulation or order shall have been enacted, adopted or issued by any federal, state or
foreign governmental or regulatory authority that would, as of the Closing Date, prevent the
issuance or sale of the Shares; and no injunction or order of any federal, state or foreign court
shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the
Shares.

     6. Conditions of Company’s Obligations. The obligation of the Company to issue and sell the Shares on the Closing Date as provided
herein is subject to the following conditions:

          (a) Representations and Warranties. The representations and warranties of the
Purchaser contained herein shall be true and correct on the date hereof and on and as of the
Closing Date (except to the extent any such representations and warranties expressly relate to an
earlier date, in which case, as of such earlier date).

          (b) Public Offering Shares. The Underwriter shall have purchased, immediately prior to
the issuance and sale of the Shares by the Company hereunder, the Public Offering Shares at the
same purchase price (less any underwriting discounts or commissions) per share payable by the
Purchaser hereunder.

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          (c) No Legal Impediment to Issuance. No action shall have been taken and no statute,
rule, regulation or order shall have been enacted, adopted or issued by any federal, state or
foreign governmental or regulatory authority that would, as of the Closing Date, prevent the
issuance or sale of the Shares; and no injunction or order of any federal, state or foreign court
shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the
Shares.

     7. Termination. This Agreement shall automatically terminate upon the earliest to occur of (i) the written
consent of each of the Company and the Purchaser, (ii) following the execution of the Underwriting
Agreement, the termination of such Underwriting Agreement in accordance with its terms, or (iii)
July 31, 2011, if the closing of the Public Offering has not occurred on or prior to such date.

     8. Miscellaneous.

          (a) Confidentiality. The Company and the Purchaser acknowledge that they have
previously executed a non-disclosure agreement dated May 17, 2011 (the “Confidentiality
Agreement”), which shall continue in full force and effect in accordance with its terms.

          (b) Notices. All notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form
of telecommunication.

If to the Company:

Hanmi Financial Corporation

3660 Wilshire Boulevard

Penthouse Suite A

Los Angeles, CA 90010

Fax: (213) 639-5617

Attention: Mark Yoon

With a copy to:

Greenberg Traurig, LLP

2450 Colorado Avenue

Suite 400 East

Santa Monica, CA 90404

Fax: (310) 586-0556

Attention: Mark Kelson

If to the Purchaser:

WOORI INVESTMENT & SECURITIES

23-4 Yoido-dong Youngdungpo-gu Seoul 150-725 Korea

          (c) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware. No party shall have the right to assign any of

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its rights or obligations under this Agreement without, in the case of the Purchaser, the
prior written consent of the Company, and in the case of the Company, the Purchaser.

          (d) Jurisdiction; Venue. With respect to any disputes arising out of or related to
this Agreement, the parties consent to the exclusive jurisdiction of, and venue in, the state
courts in Los Angeles County in the State of California (or in the event of exclusive federal
jurisdiction, the courts of the Central District of California).

          (e) Waiver of Jury Trial. The Company and the Purchaser hereby irrevocably waive, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

          (f) California Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE
SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE
OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE
CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS
EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE.
THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING
OBTAINED, UNLESS THE SALE IS SO EXEMPT.

          (g) Persons Entitled to Benefit of Agreement. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective successors. Nothing in this
Agreement is intended or shall be construed to give any other person any legal or equitable right,
remedy or claim under or in respect of this Agreement or any provision contained herein.

          (h) Survival. The respective representations, warranties and agreements of the Company
and the Purchasers contained in this Agreement shall survive the delivery of and payment for the
Shares and shall remain in full force and effect, regardless of any investigation made by or on
behalf of the Company or the Purchaser.

          (i) Entire Agreement. This Agreement, the Rights Agreement, the Lock-Up Agreement and
the Confidentiality Agreement constitute the full and entire understanding and agreement between
the parties with regard to the specific subject matter hereof, and any and all other written or
oral agreements relating to the specific subject matter hereof existing between the parties hereto
are expressly cancelled.

          (j) Counterparts. This Agreement may be signed in counterparts (which may include
counterparts delivered by any standard form of telecommunication), each of which shall be an
original and all of which together shall constitute one and the same instrument.

          (k) Amendments or Waivers. No amendment or waiver of any provision of this Agreement,
nor any consent or approval to any departure therefrom, shall in any event be effective unless the
same shall be in writing and signed by the parties hereto.

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          (l) Headings. The headings herein are included for convenience of reference only and
are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

     If the foregoing is in accordance with your understanding, please indicate your acceptance of
this Agreement by signing in the space provided below.

	 	 	 	 	 
	 	Very truly yours,

HANMI FINANCIAL CORPORATION

 	 
	 	By  	/s/ Jay S. Yoo
 	 
	 	 	Jay S. Yoo 	 
	 	 	President and Chief Executive Officer 	 
	 

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CONFIDENTIAL

	 	 	 	 	 
	Accepted: June 27, 2011 	WOORI INVESTMENT & SECURITIES

 	 
	 	By  	/s/ Sung Ho Hwang
 	 
	 	 	Sung Ho Hwang, 	 
	 	 	President and Chief Executive Officer 	 
	 

[Signature Page to Hanmi Financial Corporation Common Stock Purchase Agreement]exv10w1

Exhibit 10.1

AMENDED AND RESTATED EXECUTIVE PROTECTION AGREEMENT

          THIS
AGREEMENT, as amended and restated effective as of the 23rd day of June, 2011, by and
between EMS TECHNOLOGIES, INC., a Georgia corporation (the “Company”), and Gary B. Shell (the
“Executive”), supersedes and replaces entirely any and all previous agreements between the Company
and Executive that provides Executive with post-termination compensation, following a change in the
control of the Company, of a nature or in amounts not otherwise provided under the terms of
programs and policies applicable to the Company’s employees generally.

W
I T N E S S E
T H:

          WHEREAS, the Company wishes to assure both itself and its key employees of continuity of
management and objective judgment in the event of any Change in Control (as defined below) of the
Company and to provide certain other benefits, and the Executive is a key employee of the Company
and an integral part of its management;

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants herein contained,
the parties hereby agree as follows:

          I. TERM OF AGREEMENT.

          This Agreement shall be effective immediately upon its execution by the parties hereto. The
term of this Agreement shall be for a rolling, three-year period commencing on the date hereof, and
shall be deemed automatically (without further action by either the Company or the Executive) to
extend each day for an additional day such that the remaining term of this Agreement shall continue
to be three years. The foregoing notwithstanding, this Agreement shall immediately cease to be
effective and shall terminate if the Executive ceases to be employed by the Company, at any time
before a Change in Control (as defined below) has occurred, in a corporate officer position of vice
president or higher position; provided, however, such cessation of the Executive’s
employment (i) was not at the request of a third party who has indicated an intention or taken
steps reasonably calculated to effect a Change in Control, (ii) did not otherwise occur in
connection with a Change in Control that in fact occurs, or (iii) did not occur in connection with
a Board-authorized plan for, or Board-authorized implementation efforts with respect to, a Change
in Control (whether or not such Change in Control in fact occurs).

          II. DEFINITIONS.

          1. Board — The Board of Directors of the Company, or its successor.

          2. Cause — The term “Cause” as used herein shall mean: (i) any act that constitutes,
on the part of the Executive, (a) fraud, dishonesty, gross negligence, or willful misconduct and
(b) that directly results in material injury to the Company, or (ii) the Executive’s conviction of
a felony or crime involving moral turpitude. A termination of the Executive for “Cause” based on
clause (i) of the preceding sentence shall take effect 30 days after the Company gives written
notice of such termination to the Executive specifying the conduct deemed to qualify as Cause,
unless the Executive shall, during such 30-day period, remedy the

 

 

events or circumstances constituting Cause to the reasonable satisfaction of the Company. A
termination for Cause based on clause (ii) above shall take effect immediately upon giving of the
termination notice.

     3. Change in Control — The term “Change in Control” as used herein shall mean the
occurrence of one of the following:

     (i) the Company consolidates or merges with or into another corporation, or is
otherwise reorganized, if the Company is not the surviving corporation in such transaction
or if after such transaction any other corporation, association or other person, entity or
group or the shareholders thereof own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock or more than 50% of the assets of the Company; or

     (ii) more than 35% of the then-outstanding shares of common stock of the Company are,
in a single transaction or in a series of related transactions, sold or otherwise
transferred to or are acquired by any other corporation, association or other person, entity
or group, whether or not any such shareholder or any shareholders included in such group
were shareholders of the Company prior to the Change in Control; or

     (iii) an election, or series of related elections (including a series of contested
elections involving either one or more of the same nominees or nominees of the same party or
of affiliated parties) of members of the Board of Directors shall occur such that a majority
of such members following such election(s) shall not have been nominated or recommended for
election by a majority of the members of the Board of Directors who were serving immediately
prior to such election (or the latest in such series of election); or

     (iv) the occurrence of any other event or circumstance which is not covered by (i)
through (iii) above which the Board determines affects control of the Company and
constitutes a Change in Control for purposes of this Agreement.

          4. Disability — The term “Disability” shall mean the Executive’s inability as a result
of physical or mental incapacity to substantially perform his or her duties for the Company on a
full-time basis for a period of six months.

          5. Excess Severance Payment — The term “Excess Severance Payment” shall have the same
meaning as the term “excess parachute payment” defined in Section 280G(b)(l) of the Code.

          6. Severance Payment — The term “Severance Payment” shall have the same meaning as the
term “parachute payment” defined in Section 280G(b)(2) of the Code.

          7. Present Value — The term “Present Value” shall have the same meaning as provided in
Section 280G(d)(4) of the Code.

          8. Reasonable Compensation — The term “Reasonable Compensation” shall have the same
meaning as provided in Section 280G(b)(4) of the Code.

2

 

          III. BENEFITS UPON TERMINATION.

          1. Termination Upon Change in Control — If a Change in Control occurs during the term
of this Agreement and the Executive’s employment is terminated either:

     (i) prior to a Change in Control and (x) at the request of a third party who has
indicated an intention or taken steps reasonably calculated to effect a Change in Control,
(y) otherwise in connection with a Change in Control that in fact occurs, or (z) occurred in
connection with a Board-authorized plan for, or Board-authorized implementation efforts with
respect to, a Change in Control (whether or not such Change in Control in fact occurs), or

     (ii) on or within 24 months after a Change in Control, and such termination is a result
of Involuntary Termination or Voluntary Termination, as defined below,

then the benefits described in Section 2 below shall, subject to Article IV of this Agreement, be
paid or provided to the Executive. The fact that Executive is eligible for early, normal or
delayed retirement under a Company retirement plan at the time of his or her termination shall not
make him or her ineligible to receive benefits hereunder. For the purposes of the following
definitions, the term “Company” shall include the Company’s subsidiaries and any successor as a
result of the Change in Control to the business and assets of the Company or its subsidiaries.

     (a) Involuntary Termination — For purposes hereof, “Involuntary
Termination” shall mean termination of employment that is involuntary on the part of
the Executive and that occurs for reasons other than Cause, Disability or death.

     (b) Voluntary Termination — For purposes hereof, “Voluntary
Termination” shall mean termination of employment that is voluntary on the part of
the Executive, and, in the judgment of the Executive, is due to, and which occurs
within six months of:

     (i) the assignment to the Executive of any duties inconsistent with the
Executive’s title and status in effect prior to the Change in Control, a
material increase or decrease in the Executive’s responsibilities at the
Company from those in effect immediately prior to the Change in Control, or
an adverse alteration in the nature or status of such responsibilities
(other than any such alteration to the extent incidental to the fact that
the Company may no longer be a public company);

     (ii) a reduction by the Company of the Executive’s base salary from
such salary in effect prior to the Change in Control;

     (iii) the relocation of the Company’s principal executive offices to a
location outside the Atlanta, Georgia metropolitan area, or the Company’s
requiring the Executive to be based anywhere other than the Company’s
principal executive offices (or other office within the same metropolitan
area as any office principally used by the Executive during

3

 

the year preceding the Change in Control), except for required travel
on the Company’s business to an extent substantially consistent with the
Executive’s business travel obligations prior to the Change in Control;

     (iv) the failure by the Company, without the Executive’s consent, to
pay to the Executive any portion of the Executive’s then-current
compensation (including base salary and annual bonus to the extent payable
under the terms of annual bonus programs in effect from time to time), or to
pay to the Executive any portion of an installment of deferred compensation
under any deferred compensation program of the Company, in each case within
seven days of the date such compensation is due;

     (v) the failure by the Company to continue in effect any compensation
plan in which the Executive participates immediately prior to the Change in
Control, which is material to the Executive’s total compensation, including
but not limited to the Company’s annual bonus plan, stock option plan, or
any similar or substitute plans adopted prior to the Change in Control,
unless an equitable arrangement (embodied in an ongoing substitute or
alternative plan) has been made with respect to such plan, or the failure by
the Company to continue the Executive’s participation in such plan (or in
such substitute or alternative plan) on a basis not materially less
favorable, both in terms of the amount of benefits provided (or potentially
available under incentive compensation programs) and the level of the
Executive’s participation relative to other participants, as existed
immediately prior to the Change in Control;

     (vi) the failure by the Company to continue to provide the Executive
with benefits substantially similar to those enjoyed by the Executive under
any of the Company’s life insurance, medical, health and accident or
disability plans in which the Executive was participating immediately prior
to the Change in Control, or the taking of any action by the Company which
would directly or indirectly materially reduce any of such benefits or would
deprive the Executive of any material fringe benefit otherwise enjoyed by
the Executive immediately prior to the Change in Control; or

     (vii) the failure of any successor to assume this Agreement as provided
in Section V.2 below.

A termination shall not be considered voluntary within the meaning of this Agreement if such
termination is the result of Cause, Disability or death of the Executive. The Executive’s
continued employment shall not constitute consent to, or a waiver of rights with respect to, any
act or failure to act relating to Voluntary Termination hereunder.

4

 

     2. Benefits to be Provided — If the Executive becomes eligible for benefits under
Section 1 above, the Company shall pay or provide to the Executive the compensation and benefits
set forth in this Section 2.

     (a) Salary — The Executive will continue to receive his or her current
salary (subject to withholding of all applicable taxes and any amounts referred to
in Section 2(b) below) for the period specified below following his date of
termination in the same manner as it was being paid as of the date of termination;
provided, however, that the salary payments provided for hereunder
shall be paid in a single lump sum payment, to be paid not earlier than six months
and one day, and not later than seven months, after his or her termination of
employment; provided, further, that the amount of such lump sum
payment shall be determined by taking the salary payments to be made and discounting
them to their Present Value on the date the Executive’s employment is terminated,
increased by interest on such amount for each day from the 31st day after
termination of employment until the date of payment, calculated on a daily basis at
a rate per annum equal to the rate used to determine such Present Value. For
purposes hereof, the Executive’s “current salary” shall be the highest rate in
effect during the six-month period prior to the Executive’s termination. The period
for which such salary payments shall be so made shall be as follows:

     (i) 36 months in the case of a Change in Control occurring without the
prior approval of the Board of Directors; or

     (ii) 24 months in the case of a Change in Control occurring with the
prior approval of the Board of Directors.

     (b) Health and Life Insurance Coverage — The health and life insurance
benefits coverage (including any executive medical plan or split dollar insurance
plan) provided to the Executive at his or her date of termination (or, if greater,
within six months prior to such date of termination), shall be provided by the
Company (no less frequently than monthly) at its expense at the same level and in
the same manner as if his or her employment had not terminated (and, if applicable,
such coverage had not been terminated or modified within six months prior to such
date of termination), but subject to the customary changes in such coverages if the
Executive reaches age 65 or has similar changes in personal or family circumstances,
beginning on the date of such termination and ending on the date 12 months from the
date of such termination. Any additional coverages the Executive had at
termination, including dependent coverage, will also be continued for such period on
the same terms, to the extent permitted by the applicable policies or contracts.
Any costs the Executive was paying for such coverages at the time of termination
shall be paid by the Executive by separate check payable to the Company each month
in advance. If the terms of any benefit plan referred to in this subsection do not
permit continued participation by the Executive, then the Company will arrange for
other coverage at its expense providing substantially similar benefits with the
Executive to pay for such coverage no more than the Executive was paying at the time
of termination under

5

 

the terms of any benefit plan as described above. The coverages provided for
in this subsection shall be applied against and reduce the period for which COBRA
will be provided, and may at the Company’s election be provided as COBRA coverage,
subject to payment by the Company to the Executive (monthly in advance) of
additional compensation equal to the excess of the COBRA premium over the costs
otherwise payable by the Executive as provided above, in each case as in effect from
time to time, plus an additional amount as necessary to reimburse the Executive for
additional taxes payable on both such additional compensation and such additional
amount at a combined tax rate of 45%; provided, however, that the
first of any such payments by the Company shall be made no earlier than six months
and one day, and not later than seven months, after the Executive’s termination of
employment and shall include all amounts so payable with respect to the first seven
months following such termination.

     (c) Stock Options — As of the Executive’s date of termination, all
outstanding stock options granted to the Executive under any stock option plan or
program maintained by the Company shall become 100% vested and immediately
exercisable, and shall thereafter remain exercisable until the expiration dates
otherwise in effect had the Executive remained continuously employed by the Company.

     (d) Annual Bonus for the Year Preceding Termination — If not
previously paid, the Company shall pay to the Executive cash incentive compensation
for the year preceding the year in which the termination occurs, in an amount
determined in accordance with, and payable as provided in, the Company’s Executive
Annual Incentive Compensation Plan (or successor or replacement plan) as in effect
for such preceding year.

     (e) Annual Bonus for the Year of Termination — In the case of a Change
in Control occurring with the prior approval of the Board of Directors, the Company
shall pay to the Executive cash incentive compensation for the year in which the
termination occurs in the amount determined in accordance with, and payable as
provided in, the Company’s Executive Annual Incentive Compensation Plan (or
successor or replacement plan) as in effect for such year.

     (f) Effect of Death — In the event of the Executive’s death after he
becomes entitled to payments or benefits hereunder, the payments and benefits shall
be continued to his or her spouse for the remainder of the applicable 36-, 24- or
12-month period. If the Executive is not married, the payments and benefits shall
cease on his or her date of death.

     (g) Allocation for Non-Competition Obligation. — A portion of the
payments paid to Executive under this Agreement in the amount of $75,000 is paid to
Executive as consideration for Executive’s Non-Competition Obligation under Article
VII of this Agreement.

6

 

          IV. LIMITATION OF BENEFITS.

          1. Limitation of Amount — Notwithstanding anything in this Agreement to the contrary,
if any of the compensation or benefits payable, or to be provided, to the Executive by the Company
under this Agreement or otherwise are treated as Excess Severance Payments (whether alone or in
conjunction with payments or benefits outside of this Agreement), the compensation and benefits
provided under this Agreement or otherwise shall be modified or reduced in the manner provided in
Section 2 below to the extent necessary so that the compensation and benefits payable or to be
provided to the Executive under this Agreement that are treated as Severance Payments, as well as
any compensation or benefits provided outside of this Agreement that are so treated, shall not
cause the Company to have paid an Excess Severance Payment. In computing such amount, the parties
shall take into account all provisions of Code Section 280G, and the regulations thereunder,
including making appropriate adjustments to such calculation for amounts established to be
Reasonable Compensation, and for amounts paid to the Executive as consideration for the Executive’s
Non-Competition Obligation under Article VII of this Agreement. The determinations under this
Section IV.1 with regard to Excess Severance Payments shall be made by an independent accounting
firm selected by the Company and the Executive, which shall provide detailed supporting
calculations to the parties.

          2. Modification of Amount — In the event that the amount of any Severance Payments
which would be payable to or for the benefit of the Executive under this Agreement must be modified
or reduced to comply with this Article, the Executive shall direct which Severance Payments are to
be modified or reduced but only to the extent that the right to direct, and the actual direction
of, which Severance Payments are to be modified or reduced does not result in any failure of this
Agreement to comply with Section 409A of the Code. If the right to direct, or the actual direction
of, which Severance Payments are to be modified or reduced would result in any failure of this
Agreement or any other arrangement to comply with Section 409A of the Code, then, in lieu of the
Executive’s right to direct which Severance Payments are to be reduced or modified, the order of
reduction, on a pro rata basis within each category, shall be first any such cash payments, next
any equity compensation, then any medical or life insurance and lastly any other remaining payments
or benefits. No increase in the amount of any payment shall be made without the consent of the
Company.

          3. Avoidance of Penalty Taxes — This Article shall be interpreted so as to avoid the
imposition of excise taxes on the Executive under Section 4999 of the Code or the disallowance of a
deduction to the Company pursuant to Section 280G(a) of the Code with respect to amounts payable
under this Agreement or otherwise. In connection with any Internal Revenue Service examination,
audit or other inquiry, the Company and the Executive agree to take action to provide, and to
cooperate in providing, evidence to the Internal Revenue Service that the compensation and benefits
provided under this Agreement or otherwise do not result in the payment of Excess Severance
Payments.

          4. Additional Limitation — In addition to the limits otherwise provided in this
Article, to the extent permitted by law the Executive may in his or her sole discretion elect to
reduce (or change the timing of) any payments he may be eligible to receive under this Agreement or
otherwise to prevent the imposition of excise taxes on the Executive under Section 4999 of the Code
or to otherwise reduce or delay liability for taxes owed under the Code; but,

7

 

only if the right of the Executive to elect to reduce (or change the timing of) any payments
he or she may be eligible to receive under this Agreement or otherwise, or any actual election to
reduce (or change the timing of) any payments he or she may be eligible to receive under this
Agreement or otherwise, will not result in any failure of this Agreement or other arrangement to
comply with Section 409A of the Code.

          V. MISCELLANEOUS.

          1. Notices — Any notice to a party required or permitted to be given hereunder shall
be in writing and shall be deemed given when delivered and shall be hand delivered, sent by
facsimile transmission with request for confirmation of receipt, or mailed registered or certified
mail (return receipt requested), to such party at such party’s address as specified below, or at
such other address as such party shall specify by notice to the other.

	 	 	 	 	 

	 

	 	If to the Company:
	 	EMS Technologies, Inc.

660 Engineering Dr.

Norcross, GA 30092

Attention: General Counsel

          If to the Executive, to his or her last address provided to the Company by the Executive, and
if none as otherwise shown on the records of the Company.

          2. Assignment — This Agreement shall inure to the benefit of and shall be binding upon
the parties hereto and their respective executors, administrators, heirs, personal representatives
and successors, but, except as hereinafter provided, neither this Agreement nor any right hereunder
may be assigned or transferred by either party thereto, or by any beneficiary or any other person,
nor be subject to alienation, anticipation, sale, pledge, encumbrance, execution, levy or other
legal process of any kind against the Executive, his or her beneficiary or any other person.
Notwithstanding the foregoing, any person or business entity succeeding to substantially all of the
business of the Company by purchase, merger, consolidation, sale of assets or otherwise, shall be
bound by this Agreement and must assume all obligations of the Company set forth in this Agreement,
and the Company shall use its reasonable best efforts to obtain such assumption prior to the
effective date of any such succession.

          3. No Obligation to Fund — The agreement of the Company (or its successor) to make
payments to the Executive hereunder shall represent solely the unsecured obligation of the Company
(and its successor), except to the extent the Company (or its successor) in its sole discretion
elects in whole or in part to fund its obligations under this Agreement pursuant to a trust
arrangement or otherwise.

          4. Applicable Law — This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Georgia.

          5. Arbitration of Disputes; Expenses — All claims by the Executive for compensation
and benefits under this Agreement shall be directed to and determined by the Board and shall be in
writing. Any denial by the Board of a claim for benefits under this Agreement shall be delivered
to the Executive in writing within 20 days following the

8

 

submission of such claim, and shall set forth the specific reasons for the denial and the
specific provisions of this Agreement relied upon. Any further dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by arbitration in Atlanta,
Georgia, in accordance with the commercial arbitration rules of the American Arbitration
Association then in effect. The arbitration award shall be final and binding upon the parties, and
judgment upon the award may be entered on the arbitrator’s award in any court having jurisdiction.
Any arbitration award in favor of the Executive, in whole or in part, shall include interest, at
the rate of 10% per annum, on the amount awarded from the date it was due for payment as provided
in this Agreement. In the event the Executive incurs legal fees and other expenses in seeking to
obtain or enforce any rights or benefits provided by this Agreement and is successful, in whole or
in part, in obtaining or enforcing any such rights or benefits through settlement, arbitration or
otherwise, the Company shall pay, and any arbitration award shall include, the Executive’s
reasonable legal fees and expenses incurred in enforcing this Agreement and the Executive’s share
of the fees of the arbitrator, such fees and expenses to be paid by the Company promptly but in any
event within 30 days after any final settlement, arbitration or adjudication of any denial of claim
for benefits hereunder. Except to the extent provided in the preceding sentence, each party shall
pay its own legal fees and other expenses associated with any dispute, provided, that the fee for
the arbitrator shall be shared equally.

          6. Amendment — This Agreement may only be amended by a written instrument signed by
the parties hereto, which makes specific reference to this Agreement.

          7. Severability — If any provision of this Agreement shall be held invalid or
unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render
unenforceable any other provisions hereof.

          8. Other Benefits — Nothing in this Agreement shall limit or replace the compensation
or benefits payable to the Executive, or otherwise adversely affect the Executive’s rights, under
any other benefit plan, program or agreement to which the Executive is a party.

          VI. SECTION 409A COMPLIANCE.

          Notwithstanding any other provision of this Agreement to the contrary, it is intended that any
payment or benefit provided pursuant to or in connection with this Agreement that is considered to
be nonqualified deferred compensation subject to Section 409A of the Code shall be provided and
paid in a manner, and at such time, including without limitation payment and provision of benefits
only in connection with the occurrence of a permissible payment event contained in Section 409A,
that complies with the applicable requirements of Section 409A of the Code, to avoid the
unfavorable tax consequences provided therein for non-compliance. For purposes of this Agreement,
all rights to payments and benefits hereunder shall be treated as rights to receive a series of
separate payments and benefits to the fullest extent allowed by Section 409A of the Code. If the
Executive is a key employee (as defined in Section 416(i) of the Code without regard to Paragraph
(5) thereof) and any of the Company’s stock is publicly traded on an established securities market
or otherwise, then payment of any amount or provision of any benefit under this Agreement which is
considered nonqualified deferred compensation subject to Section 409A of the Code shall be deferred
for six (6) months and one (1) day after termination of the Executive’s employment or, if earlier,
the Executive’s death, to the extent

9

 

required by Section 409A of the Code (the “409A deferral period”). In the event such payments
are otherwise due to be made during the 409A deferral period, the payments which would otherwise
have been made in the 409A deferral period shall be accumulated and paid in a lump sum as soon as
the 409A deferral period ends, and the balance of the payments shall be made as otherwise
scheduled. In the event benefits are required to be deferred, any such benefit may be provided
during the 409A deferral period at the Executive’s expense, with the Executive having the right to
reimbursement from the Company once the 409A deferral period ends, and the balance of the benefits
shall be provided as otherwise scheduled. For purposes of this Agreement, termination or cessation
of employment shall mean a “separation from service” within the meaning of Section 409A of the Code
where it is reasonably anticipated that no further services would be performed after such date or
that the level of bona fide services the Executive would perform after that date (whether as an
employee or independent contractor) would permanently decrease to no more than 20% of the average
level of bona fide services performed over the immediately preceding 36-month period (or, if
lesser, Executive’s period of service).

          VII. NON-COMPETITION OBLIGATION

     For a period of six (6) months following Executive’s termination of employment for any reason,
Executive shall not (a) organize or form any other business that will compete with the Business of
the Company (as defined below) or (b) engage in the executive management of, or provide consulting
services concerning the executive management of, any person or business entity that competes with
the Business of the Company, other than the Company or its affiliates within the Territory. The
term “Business of the Company” means the design, development, manufacturing, sale and provision of
wireless connectivity solutions addressing the enterprise mobility, communications-on-the-move,
tracking and in-flight connectivity markets for commercial and government users, including but not
limited to:

     (i) Aviation. The design, development, manufacturing, sale and provision of (a)
satellite-based communications through a broad array of terminals and antennas for the
aeronautical markets and (b) in-cabin connection devices and computers to process data on
board aircraft, including rugged data storage, airborne connectivity, air-to-ground
connectivity, and data recording and replay equipment;

     (ii) Defense and Space. The design, development, manufacturing, sale and provision of
antenna and radio frequency beam management systems for a broad range of military and
commercial applications, including mobile network-centric operations, RADAR for battlefield
visibility and precision strike, satellite sub-system, and commercial aero connectivity;

     (iii) LXE. The design, development, manufacturing, sale and provision of rugged mobile
computers and wireless networks, which includes mobile computers that incorporate WLAN
radios, wireless access points that provide a radio link to the wire network and associated
host computers, and software that manages and facilitates the communications process with
the database; or

10

 

     (iv) Global Tracking. The design, development, manufacturing, sale and provision of
satellite-based communication products and services for telematics and micro telemetry
applications into global markets, including those which enable customers to locate, track,
communicate, and safeguard mobile assets, fleets, cargo and personnel, as well as to monitor
fixed assets in hostile and remote terrains.

          The term “Territory” means the territory for which Executive is providing services at the time
of termination of Executive’s employment. Executive acknowledges and agrees that the Territory
identified in this Article VII is an area for which Executive performs services for the Company by
being actively engaged as a member of the Company’s executive management team. Executive agrees
that Executive’s obligations under this Article VII are obligations which will continue beyond the
date Executive’s employment terminates and that such obligations are reasonable and necessary to
protect the Company’s legitimate business interests. Executive agrees that the remedies at law
available to the Company for any actual or threatened breach by Executive of the covenants in this
Article VII would be inadequate and that the Company shall be entitled to specific performance of
the covenants in this Article VII, including entry of an ex parte, temporary restraining order in
state or federal court, preliminary and permanent injunctive relief against activities in violation
of this Article VII, or both, or other appropriate judicial remedy, writ or order, in addition to
any damages and legal expenses which the Company may be legally entitled to recover without the
purchase and posting of bond or other security.

          IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officers and the Executive has hereunder set his or her hand, as of the date first
above written.

	 	 	 	 	 
	 	EMS TECHNOLOGIES, INC.

 	 
	 	By:  	
 	 
	 	 	 Neil A. Mackay
Title:  President and CEO 	 

(Corporate Seal)

	 	 	 

	 

	 	 
	Attest: 

Assistant Secretary

	 	 

	 	 	 	 	 
	 	  	                                                   EXECUTIVE

 	 
	 

11

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