Document:

EX-10.1

 Exhibit 10.1 

HUTTIG BUILDING PRODUCTS – OSCAR A. MARTINEZ SEPARATION AGREEMENT 

 

	1.	Oscar A. Martinez (“Employee”) and Huttig Building Products, Inc. (the “Company”) enter into the following agreement and release related to Employee’s separation from employment with the
Company (the “Agreement”). 

  

	2.	The Employee’s last day of employment is January 31, 2018 (the “Separation Date”). The Severance Period is defined as beginning February 1, 2018 and ending on June 30, 2018. Employee will
not receive or accrue any continuation of any other benefits during the Severance Period. 

  

	3.	In consideration for the releases and covenants by Employee contained in this Agreement, the Company shall, on the terms and conditions hereinafter set forth, agree to give to Employee: 

 

	 	a.	A lump sum severance payment of $165,110.00 to be paid on or before March 2, 2018. As of the Separation Date, all unvested Employee’s restricted stock shares will be forfeited; with the exception of 30,000
shares that will vest on April 4, 2018. Employee shall be entitled to the lump sum payment and equity award referred to above only if Employee signs this Agreement and delivers it to the Company within
twenty-one (21) days of receipt on February 1, 2018, and does not thereafter revoke it within the revocation period set forth in Paragraph 8 of this Release. 

 

	 	b.	Employee agrees that he has otherwise been paid all amounts due to him and that he is not owed any other amounts as a result of his employment with the Company. 

 

	 	c.	The Employee shall automatically and without any further actions be deemed to have resigned from all officer positions held by him with respect to the Company. Further, all agreements between Employee and the Company,
including without limitation, the Indemnity Agreement and the Change of Control Agreement shall be deemed terminated herewith. 

  

	4.	Release. 

  

	 	a.	 General Release. In consideration of the foregoing, Employee, Employee’s agents and family members
(collectively, the “Employee Parties”) hereby irrevocably and unconditionally release and forever discharge the Company, its affiliates, subsidiaries, and related entities, and their respective owners, directors, officers, employees,
agents, successors, and assigns (collectively, the “Company Parties”) from and against any and all manner of actions, liability, causes of action, claims, demands, contracts, attorneys’ fees, back pay, lost future wages, claims
for personal injury, discrimination, and/or mental anguish, claims for vacation pay, sick pay, or any other employee benefits, which any of the Employee Parties now may have or hold or at any time heretofore had or held, arising out of, existing by
reason of, resulting from, or based upon: Employee’s employment with Company, or the separation therefrom, and any employment practice, custom or policy of any of the Company Parties (the “Release”). Employee acknowledges and agrees
that the claims released and discharged in the Release include, but are not limited to, claims that have been or could be asserted under: the common law of the State of Missouri; the Missouri Human Rights Act; any rights pursuant to Missouri Revised
Statutes §287.780 and §290.140; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Civil Rights Act of 1866; the Civil Rights Act of 1871; Section 1981 through 1988 of Titles 29 and 42 of the
United States Code, as amended; the Employee Retirement Income Security Act of 1974, as amended, except claims arising out of or resulting from Company’s acts or omissions related to

  
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Employee’s 401(k) plan account; the Immigration Reform and Control Act, as amended; the Americans with Disabilities Act of 1990, as amended; the Age of Discrimination in Employment Act of
1967, as amended; the Workers Adjustment and Retraining Notification Act, as amended; the Occupational Safety and Health Act, as amended; the National Labor Relations Act, as amended; the Rehabilitation Act of 1973; the False Claims Act; the Equal
Pay Act; the Vietnam Era Veterans’ Readjustment Assistance Act of 1974, or any replacement acts; the Immigration Reform Control Act, as amended; the Older Worker Benefit Protection Act; the Sarbanes-Oxley Act of 2002; any tort theory including
but not limited to the torts of wrongful discharge and negligent or intentional misrepresentation; or, any other legal limitation on the employment relationship, whether federal, state, local or common law; and any other federal, state, or local
law, constitution, regulation, ordinance, decision or common law claim concerning employment, wages, vacation, personal leave, holiday or sick pay, paid time off, payment pursuant to any practice, policy, handbook or manual of the Company, including
without limitation, any Company severance plans, hours of work, labor relations, employment relations, fair employment practices, fair credit reporting, human rights, civil rights, service letters, occupational safety and health, discrimination in
employment, including disparate impact, harassment, failure to accommodate, retaliation, or termination of employment; any and all claims for personal injury, emotional distress, libel, slander, defamation and other physical, economic, or emotional
injury; and all claims for attorneys’ fees and costs. Employee agrees that this Release includes the release of all claims, which Employee does not know or expect to exist in Employee’s favor at the time Employee signs this Agreement.

  

	 	b.	ADEA Release. Employee agrees to hereby waive and release any and all Claims relating to his employment with the Company arising under the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. §
621 et seq., and as modified by the Older Workers’ Benefits Protection Act, 29 U.S.C. § 626(f), against any of the Company Parties. Nothing in this Agreement shall limit or restrict Employee’s right under the ADEA to challenge
the validity of his ADEA release in a court of law. However, Employee nevertheless understands that the waiver and release contained in this Paragraph 4.b. still applies to his ADEA Claims and that he has waived all ADEA claims as part of this
Agreement. Employee further understands that in any suit brought under the ADEA, Employee would not be entitled to any damages or other relief unless the waiver in this Paragraph 4.b. is deemed to be invalid. Employee does not waive any rights or
claims under the ADEA that may arise after the date the waiver is executed. If Employee successfully challenges the validity of his ADEA release and prevails on the merits of an ADEA claim, Employee agrees that the court may reduce any monetary
award for such ADEA claim up to the amount of Five Hundred Dollars ($500.00), which the parties agree represents the amount of money being given to Employee in consideration for his ADEA Release. 

 

	5.	Employee affirms that Employee has not filed, caused to be filed, or presently is a party to any claim or action against the Company, including, but not limited to, the Department of Labor, the Equal Employment
Opportunity Commission, the Missouri Commission on Human Rights, the St. Louis Civil Rights Enforcement Agency, or any local human relations commission. Employee further affirms that Employee has no known workplace injuries or occupational diseases.
Employee waives Employee’s right to request a letter under the Missouri Service Letter Statute. 

  
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	6.	Nothing in this Agreement shall interfere with Employee’s right to initiate, cooperate or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission or any other federal
or state regulatory or law enforcement agency. However, the consideration provided to Employee in this Agreement shall be the sole relief provided to Employee for the claims released by Employee herein and Employee will not be entitled to recover
and agrees to waive any monetary benefits or recovery against the Company or the Company Parties in connection with any such claim without regard to who has brought such claim. 

 

	7.	Employee expressly acknowledges that he has had at least twenty-one (21) days to consider the meaning and effect of this Agreement, which represents an adequate amount of
time to consider the meaning and effect of this Agreement, and has been advised to consult with an attorney and has so consulted with his attorney prior to executing this Agreement. Employee further acknowledges that he is competent to execute this
Agreement. 

  

	8.	Employee understands that he has the right to revoke this Agreement for a period of seven (7) days after execution of this Agreement by Employee and that this Agreement shall not become effective or enforceable
until the 7-day period has expired. In the event Employee exercises his right to revoke this Agreement, he must provide written notice to: Rebecca Kujawa, General Counsel, Huttig Building Products, Inc., 555
Maryville University Drive, Suite 400, St. Louis, Missouri, 63141. Notwithstanding any other provision of this Release to the contrary, no sums or benefits due Employee hereunder, including the severance pay contained in Paragraph 3, shall be paid
or provided until the revocation period specified in subparagraph (g) hereof has expired and then, and only, then, shall such sums be paid in accordance with Paragraph 3. 

 

	9.	Employee agrees not to disclose any information regarding the existence or substance of this Agreement, the discussions leading up to it, or the fact of settlement, to anyone except to Employee’s spouse/partner,
income tax return preparer and attorney (if any). Employee represents that Employee has not, prior to signing this Agreement, told anyone other than Employee’s spouse/partner, income tax return preparer and attorney, about the dollar amounts
referred to herein. Employee specifically agrees not to disparage the management, employees, products, or business of the Company or any of the Company Parties in any manner. Employee represents that Employee understands that this pledge of
confidentiality and non-disparagement is an integral part of the agreement of the Company to provide severance benefits and payment. Notwithstanding the foregoing, Company shall be permitted to disclose this
Agreement, and/or the terms of this Agreement, as required by law, regulations or stock exchange requirements. 

  

	10.	During the Severance Period, Employee will, without further compensation, be available to assist the Company as reasonably requested by the Company regarding activities pertaining to Employee’s prior
responsibilities with the Company and do such other things as are reasonably requested by the Company to provide for an orderly transition of Employee’s employment responsibilities. In addition, Employee agrees to assist the Company, and if
necessary to testify, through a deposition or at trial, with respect to matters related to periods during which Employee was employed by the Company. 

  

	11.	During the Severance Period, and for a period of one year after the Severance Period, ending June 30, 2019: 

  

	 	a.	 Confidential Information. Employee shall hold in a fiduciary capacity for the benefit of the Company all secret
or confidential information, knowledge or data relating to the 

  
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Company or any of its subsidiaries, and their respective businesses, which shall have been obtained by Employee during Employee’s employment by the Company or any of its subsidiaries and
which shall not be or become public knowledge (other than by acts by Employee or his representatives in violation of this Agreement). After termination of Employee’s employment with the Company, Employee shall not, without the prior written
consent of the Company, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. 

  

	12.	During the Severance Period, ending June 30, 2018: 

  

	 	a.	Non-Compete. Employee shall not, unless acting with the prior written consent of the Company, directly or indirectly (i) own, manage, operate, finance, join, control or
participate in the ownership, management, operation, financing or control of, or be associated as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit his name to be used in
connection with, any profit or not-for-profit business or enterprise which at any time during such period designs, manufactures, assembles, sells, distributes or
provides products (or related services) in competition with those designed, manufactured, assembled, sold, distributed, or provided, or under active development, by the Company (including all future developments in and improvements on such products
and services) in any part of North America; (ii) offer or provide employment to, interfere with or attempt to entice away from the Company, either on a full-time or part-time or consulting basis, any person who then currently is, or who within
one year prior thereto had been, employed by the Company; (iii) directly or indirectly, solicit the business of, or do business with, any customer, supplier, or prospective customer or supplier of the Company with whom Employee had direct or
indirect contact or about whom Employee may have acquired any knowledge while employed by the Company, or (iv) take any action which is intended, or would reasonably be expected, to harm the Company or its reputation or which would reasonably
be expected to lead to unwanted or unfavorable publicity to the Company; provided, however, that this provision shall not be construed to prohibit the ownership by Employee of not more than 2% of any class of securities of any corporation which is
engaged in any of the foregoing businesses that has a class of securities registered pursuant to the Securities Exchange Act of 1934. If Employee’s spouse engages in any of the restricted activities set forth in the preceding sentence, Employee
shall be deemed to have indirectly engaged in such activities in violation of this covenant. This provision shall be extended at the option of the Company, for a period of time equal to all periods during which Employee is in violation of the
foregoing covenant not to compete and to extend the covenant not to compete to run from the date any injunction may be issued against Employee, should that occur, to enable the Company to receive the full benefit of the covenant not to compete
agreed to herein by Employee. 

  

	13.	Employee acknowledges that Employee has read this Agreement, fully understands its terms, and is voluntarily signing this Agreement with full knowledge of its significance. 

 

	14.	The parties agree that neither this Agreement nor the furnishing of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by either party, or evidence of any
liability or unlawful conduct of any kind. 

  
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	15.	This Agreement shall be governed and conformed in accordance with the laws of the state of Missouri without regard to its conflict of laws provision. Should any provision of this Agreement be declared illegal or
unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and
effect. 

  

	16.	This Agreement may not be modified, altered or changed except in writing and signed by both parties wherein specific reference is made to this Agreement. 

 

	17.	Employee shall return any and all of Company’s property and documents which he may have in his possession. Employee shall not communicate or disclose to any entity or person, or use for the Employee’s own
account, without the prior written consent of the Company, any information concerning the business, methods of operation, or affairs of the Company (including, without limitation, customer lists or information, developments, marketing concepts,
ideas or strategies, pricing or cost information, and information about the Company’s methods of operation). However, the obligations of this paragraph 14 shall not apply in the event and to the extent that matters become generally known to and
available for use by the public otherwise than by the Employee’s act or omission. 

  

	18.	This Agreement sets forth the entire agreement between the parties hereto, and fully supersedes any prior agreements or understandings between the parties. Employee acknowledges that Employee has not relied on any
representations, promises, or agreements of any kind in connection with the decision to accept this Agreement, except for those set forth in this Agreement. 

  
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 Accepted and agreed as of the date set forth below. 

 

									
	EMPLOYEE	 		 	HUTTIG BUILDING PRODUCTS, INC.
					
	By:	 	/s/ Oscar Martinez	 		 	By:	 	/s/ Jon Vrabely
	Name: Oscar A. Martinez	 		 	Name: Jon Vrabely
	Date: February 22, 2018	 		 	Title: President & CEO
			
		 		 	Date: February 22, 2018

  
 6Exhibit 10.1

 

 

Bonita I. Lee

 

 

		 	Re:	Employment Agreement

 

Dear Ms. Lee:

 

This is your EMPLOYMENT AGREEMENT (the “Agreement”)
with Hanmi Financial Corporation, a Delaware corporation, and Hanmi Bank, a state chartered bank incorporated under the laws of
the State of California (together, the “Company”). It sets forth the terms of your employment with the
Company, effective as of the Effective Date (as defined below).

 

		1.	Your Position, Performance and Other Activities.

 

(a)                
Position. You will be employed in the position of Senior Executive Vice President of the Company and will report directly
to the Company’s Chief Executive Officer (the “CEO”).

 

(b)                
Authority, Responsibilities and Reporting. You will have the authority, responsibilities and reporting relationships that
correspond to your position, including any particular authority, responsibilities and reporting relationships consistent with your
position that the CEO may assign to you from time to time and you shall perform your duties hereunder in compliance with such policies
of the Company as may be adopted from time to time.

 

(c)                
Performance. During your employment, you will devote substantially all of your business time and attention to the Company
and will use good faith efforts to discharge your responsibilities under this Agreement to the best of your abilities. During the
Term, your place of performance will be the headquarters of the Company or such other place as the CEO determines. Your performance
will be reviewed by the CEO on an on-going basis and no less frequently than annually by the Compensation and Human Resources Committee
(“CHRC”).

 

(d)                
Other Activities. During your employment, you will not render any business, commercial or professional services to any party
other than the Company. However, you may (i) serve on corporate, civic or charitable boards, (ii) manage personal investments,
and (iii) deliver lectures, fulfill speaking engagements and teach at educational institutions, so long as (A) these activities
do not interfere with your performance of your responsibilities under this Agreement, (B) any service on a corporate, civic or
charitable board has been approved by the CEO and (C) no such services are provided to any competitor of the Company.

 

		2.	Term of Your Employment.

 

Your employment under this Agreement shall be for a term commencing
on November 1, 2017 (the “Effective Date”) and ending upon the earlier of (i) October 31, 2020 (the “End
Date”), and (ii) the close of business on the effective date of termination of your employment pursuant to Section
5 (the “Term”). On the End Date and on each subsequent anniversary of the End Date thereafter (each,
a “Renewal Date”), the Term shall automatically renew for an additional one (1) year period, unless either
you or the Company provides the other party with written notice of non-renewal of the Term at least sixty (60) days prior to the
End Date or such Renewal Date, as applicable. Notwithstanding the foregoing, your employment can be terminated by either party
providing advance written notice in accordance with Section 5(e). If you remain employed by the Company following the expiration
of the Term (including pursuant to a non-renewal thereof), except as otherwise expressly provided herein, your employment relationship
with the Company (if any) shall cease to be governed by the terms and conditions of this Agreement and shall be on an at-will basis
on such terms as may be prescribed by the Company, unless otherwise agreed to by you and the Company in writing; provided, however,
that the provisions of Section 7 below shall survive the expiration or termination of the Term in accordance with their terms.

 

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		3.	Your Compensation.

 

(a)                
Salary. During the Term, you will receive an annual base salary, which may be increased from time to time, but not reduced
(other than a reduction that would affect all senior executives of the Bank based on the financial performance of the Bank, and
in such case, your reduction shall not exceed the percentage reduction of similarly situated senior executives of the Bank) (your
“Salary”) payable in accordance with the Company’s regular payroll practices. The amount of your
Salary as of the Effective Date is $352,000.00. Your Salary will be reviewed at least annually commencing in 2018 and your Salary
may be increased, but not decreased (except as noted above), in the sole discretion of the independent members of the Board, based
on a recommendation from the by CHRC.

 

(b)                
Incentive Compensation. You will be eligible to receive an annual bonus (your “Bonus”) for each
fiscal year of the Company commencing with, and based upon your continued employment in, the fiscal year ending December 31, 2017,
pursuant to an annual bonus plan. The amount of the Bonus and the performance goals applicable to the Bonus shall be determined
in accordance with the terms and conditions of said bonus plan as in effect from time to time, as determined by the independent
members of the Board in sole discretion, based on a recommendation from the CHRC. Your total annual Bonus opportunity (cash plus
equity awards) for any fiscal year shall be set forth in the applicable incentive compensation plan or be determined from time
to time by the CHRC and shall be consistent with other similarly situated senior executives.

 

		4.	Other Employee Benefits. During the Term:

 

(a)                
Vacation. You shall be entitled to twenty (20) days paid vacation per year (prorated for partial years), and to such paid
holidays as are observed by the Company from time to time, all in accordance with the Company’s policies and practices that
are applicable to the Company’s senior executives. Unused vacation will be carried over from year to year and/or paid out
as provided in the Company’s vacation plans and polices in effect from time to time.

 

(b)                
Business Expenses. You will be reimbursed for all reasonable business expenses incurred by you in performing your responsibilities
under this Agreement. Reimbursements will be made pursuant to the Company’s normal practices and procedures for senior executives.
Reimbursement of expenses and in-kind benefits subject to this Section 4(b) or otherwise provided to you will be subject to the
following rules: (i) the amount of such expenses eligible for reimbursement or in-kind benefits provided in any taxable year shall
not affect the expenses eligible for reimbursement or in-kind benefits provided in any other taxable year, except as otherwise
allowed by Section 409A of the Internal Revenue Code of 1986, as amended (“Code”); (ii) any reimbursement
shall be made on or before the last day of the calendar year following the calendar year in which the expenses to be reimbursed
were incurred; and (iii) no right to reimbursement or in-kind benefits may be liquidated or exchanged for another benefit.

 

(c)                
Facilities. You will be provided with office space, facilities, secretarial support and other business services consistent
with your position on a basis that is at least as favorable as that provided to similarly situated senior executives of the Company.

 

(d)                
Employee Benefit Plans. (i) You shall be eligible to participate in all incentive plans, practices, policies and programs,
and all savings and retirement plans, policies and programs in effect from time to time, in each case that are applicable generally
to senior executives of the Company; (ii) you and your eligible family members shall be eligible for participation, at the Company’s
expense, in the welfare benefit plans, practices, policies and programs (including, if applicable, medical, dental, vision, disability,
employee life, group life and accidental death insurance plans and programs) maintained for the Company’s senior executives
from time to time; provided, however, that if your participation in such plans and programs at the Company’s
expense would violate applicable law or would result in fines or penalties to the Company (including, without limitation, pursuant
to the Patient Protection and Affordable Care Act or Section 2716 of the Public Health Service Act or any other health care law),
then you and the Company shall in good faith negotiate replacement benefits and/or replacement compensation to be paid or provided
to you in lieu of such participation at the Company’s expense; and (iii) you shall be entitled to such fringe benefits and
perquisites as are provided by the Company to its senior executives from time to time, in accordance with the policies, practices,
and procedures of the Company.

 

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(e)                
Liability Insurance. The Company shall maintain (i) a directors’ and officers’ liability insurance policy, or
an equivalent errors and omissions liability insurance policy, and (ii) an employment practices liability insurance policy. Each
such policy shall cover you with scope, exclusions, amounts and deductibles no less favorable to you than those applicable to the
Company’s senior executive officers on the Effective Date, or any more favorable as may be available to any other senior
executive officer of the Company, while you are employed with the Company.

 

		5.	Termination of Your Employment.

 

(a)                
No Reason Required. You or the Company may terminate your employment at any time for any reason, or for no reason, subject
to compliance with Section 5(e).

 

(b)                
Termination by the Company for Cause.

 

(i)                 
“Cause” means any of the following:

 

(A)               
Your continued failure, either due to willful action or as a result of gross neglect, to substantially perform your duties and
responsibilities to the Company under this Agreement (other than any such failure resulting from your incapacity due to physical
or mental illness) that, if capable of being cured, has not been cured within thirty (30) days after written notice is delivered
to you by the Company, which notice specifies in reasonable detail the manner in which the Company believes you have not substantially
performed your duties and responsibilities;

 

(B)               
Your engagement in conduct which is demonstrably and materially injurious to the Company, or that materially harms the reputation
or financial position of the Company, unless the conduct in question was undertaken in good faith on an informed basis with due
care and with a rational business purpose and based upon the honest belief that such conduct was in the best interest of the Company;

 

(C)               
Your indictment or conviction of, or plea of guilty or nolo contendere to, a felony or any other crime involving dishonesty, fraud
or moral turpitude;

 

(D)               
Your being found liable in any SEC or other civil or criminal securities law action or entering any cease and desist order with
respect to such action (regardless of whether or not you admit or deny liability) where the conduct which is the subject of such
action is demonstrably and materially injurious to the Company;

 

(E)               
Your material breach of your fiduciary duties to the Company;

 

(F)                
Your (1) obstructing or impeding, (2) endeavoring to influence, obstruct or impede, or (3) failing to materially cooperate with,
any investigation authorized by the Board or any governmental or self-regulatory entity (an “Investigation”).
However, your failure to waive attorney-client privilege relating to communications with your own attorney in connection with an
Investigation shall not constitute “Cause”;

 

(G)               
Your removing, concealing, destroying, purposely withholding, altering or by any other means falsifying any material which is requested
in connection with an Investigation;

 

(H)              
Your disqualification, bar, prohibition, order or similar restriction imposed against you by any governmental or self-regulatory
authority from serving as an officer of any member of the Company or your loss of any governmental or self-regulatory license that
is reasonably necessary for you to perform your responsibilities to the Company under this Agreement, if (i) the disqualification,
bar or loss continues for more than 30 days and (ii) during that period the Company uses its good faith efforts to cause the disqualification
or bar to be lifted or the license replaced. While any disqualification, bar or loss continues during your employment, you will
serve in the capacity contemplated by this Agreement to whatever extent legally permissible and, if your employment is not permissible,
you will be placed on leave (which will be paid to the extent legally permissible);

 

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(I)                 
Your unauthorized use or disclosure of confidential or proprietary information or related materials, or your violation of any of
the terms of the Confidentiality Agreements (as defined below) or the Company’s standard confidentiality policies and procedures,
in each case, which results or could reasonably be expected to result in reputational, economic, financial or other injury to the
Company or its subsidiaries or affiliates;

 

(J)                 
Your violation, as determined by the CEO and/or the Board in good faith, of the Company’s (1) workplace violence policy or
(2) policies on discrimination, unlawful harassment or substance abuse; or

 

(K)               
Your material breach of this Agreement that has not been cured within thirty (30) days after written notice is delivered to you
by the Company, which notice specifies in reasonable detail the manner in which the Company believes this Agreement has been breached.

 

For purposes of this definition, no act or omission by you
will be “willful” unless it is made by you in bad faith or without a reasonable belief that your act or omission was
in the best interests of the Company.

 

(c)                
Your Termination for Good Reason.

 

(i)                 
“Good Reason” means the occurrence (without your express written consent) of any of the following:

 

(A)               
a material reduction in your Salary (for these purposes, 5% would be deemed a material reduction) other than a reduction that would
affect all senior executives of the Bank based on the financial performance of the Bank, and in such case, your reduction shall
not exceed the percentage reduction of similarly situated senior executives of the Bank;

 

(B)               
the assignment to you of duties substantially inconsistent with your position, authority, responsibilities or status as Senior
Executive Vice President of the Company (except in connection with a for Cause termination);

 

(C)               
a change in the geographic location at which you must perform the services under this Agreement outside of Los Angeles County,
California, exclusive of required business travel; or

 

(D)               
material breach by the Company of this Agreement.

 

For purposes of this Agreement, Good Reason shall not be deemed
to exist unless (1) your termination of employment for Good Reason occurs within 90 days following the initial existence of one
of the conditions specified in clauses (A) through (D) above, (2) you provide the Company with written notice of the existence
of such condition within 60 days after the initial existence of the condition, and (3) the Company fails to remedy the condition
within 30 days after its receipt of such notice.

 

(d)                
Termination on Disability or Death.

 

(i)                 
The term “Disability” means your absence from your responsibilities with the Company on a full-time basis
for 90 consecutive days or 180 days in any consecutive 12 month period as a result of incapacity due to mental or physical illness
or injury. If the Company determines in good faith that your Disability has occurred, the Company may give you Termination Notice
(as defined below). If within 30 days of the Termination Notice you do not return to full-time performance of your responsibilities,
your employment will terminate. If you do return to full-time performance in that 30-day period, the Termination Notice will be
cancelled for all purposes of this Agreement. Except as provided in this Section 5(d), your incapacity due to mental or physical
illness or injury will not affect the Company’s obligations under this Agreement.

 

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(ii)                 
Your employment will terminate automatically on your death.

 

(e)                
Advance Notice Generally Required.

 

(i)                 
To terminate your employment, either you or the Company must provide a Termination Notice to the other. A “Termination
Notice” is a written notice that states the specific provision of this Agreement on which such termination is based,
including, if applicable, the specific clause of the definition of Cause and a reasonably detailed description of the facts that
permit termination under that clause. The failure to include any fact in a Termination Notice that contributes to a showing of
Cause does not preclude the Company from asserting that fact in enforcing its rights under this Agreement.

 

(ii)                 
You and the Company agree to provide 30 days’ advance Termination Notice of any termination, unless your employment is terminated
by the Company for Cause or because of your Disability or death. Accordingly, the effective date of termination of your employment
will be 30 days after Termination Notice is given, except that (A) the effective date will be the date of the Company’s Termination
Notice if your employment is terminated by the Company for Cause, although the Company may provide a later effective date in the
Termination Notice, (B) the effective date will be 30 days after Termination Notice is given if your employment is terminated because
of your Disability, and (C) the effective date will be the time of your death if your employment is terminated because of your
death. The Company may elect to place you on paid leave for all or part of the advance Termination Notice period. Notwithstanding
the foregoing, if you give the Company Termination Notice, the Company in its sole discretion may waive the 30-day notice requirement
and accelerate the effective date of termination of your employment to any earlier date. In the event of a termination for Good
Reason, the provisions of Section 5(c) above shall control over any inconsistent provisions in this Section 5(e)(ii).

 

(f)                 
Non-Renewal. Notwithstanding anything contained herein, in no event shall the expiration of the Term or the Company’s
election not to renew or extend the Term or your employment with the Company constitute a termination of your employment by the
Company without Cause or by you for Good Reason. For the avoidance of doubt, nothing contained in this Section 5(f) shall preclude
or limit the Company’s ability to, in its sole discretion, pay or provide you with severance or termination pay and/or benefits
in connection with a termination of your employment upon or following the expiration of the Term or the Company’s election
not to renew or extend the Term.

 

		6.	The Company’s Obligations in Connection with Your Termination.

 

(a)                
General Effect. On termination, your employment will end and the Company will have no further obligations to you except
as provided in this Section 6.

 

(b)                
By the Company Without Cause or by You for Good Reason. If the Company terminates your employment without Cause or you terminate
your employment for Good Reason, in either case, other than within eighteen (18) months following a “Change in Control”
(as defined below), subject to Section 6(f):

 

(i)                 
The Company will pay you the following as of the end of your employment: (A) your unpaid Salary through the date of termination,
(B) your Salary for any accrued but unused vacation, and (C) any accrued expense reimbursements and other cash entitlements (together,
your “Accrued Compensation”), in each case, as and when such amounts would otherwise been paid had your
employment not been terminated or such earlier time as may be required by law. In addition, the Company will timely pay you any
amounts and provide to you any benefits that are required, or to which you are entitled, under any plan, contract or arrangement
of the Company (together, the “Other Benefits”).

 

(ii)                 
The Company will pay you an amount equal to one year of your then-current annual Salary, to be paid on the Company’s regular
pay cycle and through the Company’s payroll over a 12-month period commencing on the date of the termination of employment.

 

    5

    

    

 

(iii)                 
The Company will pay you an amount equal to a pro-rated portion of your prior year’s Bonus based on the number of days worked
during the year of termination, payable in a lump-sum within thirty (30) days following the date of termination of employment.

 

(iv)                 
All outstanding and then unvested stock options, restricted stock and other equity awards granted to you under any of the Company’s
equity incentive plans (or awards substituted therefore covering the securities of a successor company) (each, an “Equity
Award”) which are at such time subject to vesting solely based on your continued employment with the Company (each,
a “Time-Vesting Equity Award”) shall be deemed to have vested as if your employment has continued for
one (1) year following the actual termination date. All other outstanding and unvested Equity Awards (each, a “Performance-Vesting
Equity Award”) shall be treated in accordance with the terms of the plan document and applicable award agreement
governing such Performance-Vesting Equity Award.

 

(v)                 
If you timely elect to continue your Company-provided health insurance coverage pursuant to the federal COBRA law, the Company
will pay directly or, at its election, reimburse you for the cost of such COBRA premiums, at the same level as you maintain as
of the date of termination, through the end of the COBRA period (18 months), or until such time as you qualify for health insurance
benefits through a new employer, whichever occurs first (the “COBRA Period”). The reimbursement shall
be for 100% of your COBRA premiums, as well as for your eligible dependents’ COBRA premiums, and the coverage to be provided
on this basis shall be health and dental coverage. Notwithstanding the foregoing, if (x) any plan pursuant to which such benefits
are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application
of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (y) the Company is otherwise unable to continue
to cover you under its group health plans without incurring penalties (including without limitation, pursuant to the Patient Protection
and Affordable Care Act or Section 2716 of the Public Health Service Act or any other health care law), then, in either case, an
amount equal to each remaining COBRA premium under such plans shall thereafter be paid to you in substantially equal monthly installments
over the COBRA Period (or the remaining portion thereof) (the benefits under this Section 6(b)(v), the “COBRA Benefit”).

 

(c)                
By the Company For Cause or by You for Any Reason other than for Good Reason. If the Company terminates your employment
for Cause or you terminate your employment for any reason other than for Good Reason as set forth in Section 6(b) or 6(e), the
Company will pay your Accrued Compensation and provide your Other Benefits, as and when such amounts would otherwise been paid
had your employment not been terminated or such earlier time as may be required by law.

 

(d)                
Your Disability or Death. If your employment terminates because of Disability or death, the Company will pay or provide
you or your estate (1) your Accrued Compensation and your Other Benefits, as and when such amounts would otherwise been paid had
your employment not been terminated or such earlier time as may be required by law, and (2) subject to Section 6(f), an amount
equal to a pro-rated portion of your prior year’s Bonus based on the number days worked during the year of termination, payable
in a lump-sum within thirty (30) days following the date of termination of employment. In such event, all Equity Awards granted
to you after the Effective Date shall be treated as provided in Section 6(b)(iv).

 

(e)                
Change in Control; Termination in Connection with a Change in Control. If within eighteen (18) months following a Change
in Control, the Company terminates your employment without Cause or you terminate your employment for Good Reason, in either case,
subject to Section 6(f):

 

(i)                 
The Company will pay you your Accrued Compensation and provide your Other Benefits, as and when such amounts would otherwise have
been paid had your employment not been terminated or such earlier time required by law.

 

    6

    

    

 

(ii)                 
In lieu of the amounts set forth in Sections 6(b)(ii) and (iii) above, the Company will pay you an amount equal to two (2) times
the sum of (a) your then-current annual Salary and (b) your then-maximum annual Bonus, payable in a lump-sum within thirty (30)
days following the date of termination.

 

(iii)                 
The Company shall provide you with the COBRA Benefit on the terms and conditions set forth in Section 6(b)(v) above.

 

(iv)                 
(a) your Time-Vesting Equity Awards shall fully and automatically vest as of the date of such Change in Control and (b) your Performance-Vesting
Equity Awards shall be treated in accordance with the terms of the plan document and applicable award agreement governing such
Performance-Vesting Equity Award.

 

(v)                 
For purposes of this Agreement, a “Change in Control” shall mean any transaction or series of related
transactions as a result of which:

 

(A)               
the Company consummates a reorganization, merger or consolidation, or sale or other disposition of all or substantially all of
its assets (each a “Business Combination”), in each case, unless immediately following the consummation
of such Business Combination all of the following conditions are satisfied:

 

(1)                
Persons, who, immediately prior to such Business Combination, were the beneficial owners of the Outstanding Voting Securities of
the Company, beneficially own (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), directly or indirectly, more than 50% of the combined voting power of the then
Outstanding Voting Securities of the entity (the “Resulting Entity”) resulting from such Business Combination
(including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of
the Company’s assets either directly or through one or more subsidiaries);

 

(2)                
no Person beneficially owns (within the meaning of Rule 13d-3), directly or indirectly, more than 50% of the then outstanding combined
voting power of the Outstanding Voting Securities of the Resulting Entity, except to the extent that such Person’s beneficial
ownership of the Company immediately prior to the Business Combination exceeded such threshold;

 

(3)                
at least one-half of the members of the board of directors of the Resulting Entity were members of the Board at the time the Board
authorized the Company to enter into the definitive agreement providing for such Business Combination; or

 

(B)               
any Person acquires beneficial ownership (within the meaning of Rule 13d-3) of more than 50% of the combined voting power (calculated
as provided in Rule 13d-3 in the case of rights to acquire securities) of the then Outstanding Voting Securities of the Company
and has greater beneficial ownership than the existing stockholders of the Company as of the date hereof; provided, however,
that for purposes of this clause, the following acquisitions shall not constitute a Change of Control: (x) any acquisition directly
from the Company, (y) any acquisition by the Company, or (z) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any entity controlled by the Company.

 

(C)               
“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act, which definition
shall include a “person” within the meaning of Section 13(d)(3) of the Exchange Act.

 

    7

    

    

 

(D)               
“Outstanding Voting Securities” of any Person means the outstanding securities of such Person entitling
the holders thereof to vote generally in the election of directors of such Person.

 

(vi)                 
The payments and vesting provisions set forth in this Agreement, including under this subsection (e), shall: (A) with respect to
the treatment of Equity Awards under this Section 6, take precedence over any conflicting provision under any award agreement applicable
to such Equity Awards, unless such award agreement is more favorable to you, in which case the award agreement shall govern; and
(B) be subject to the provisions set forth in Annex A.

 

(f)                 
Release. Notwithstanding anything to the contrary herein, the Company will not be required to make the payments or provide
the benefits stated in this Section 6 (other than your Accrued Compensation and Other Benefits) unless you execute and deliver
to the Company (and do not revoke within the applicable time period) a general release of claims substantially in the form attached
hereto as Annex B (the “Release”) within thirty (30) days following the date of termination of
your employment. If the Release is executed and delivered and no longer subject to revocation as provided in the preceding sentence,
then the following shall apply:

 

(i)                 
To the extent any such cash payment or continuing benefit to be provided is not “deferred compensation” for purposes
of Section 409A of the Code (“Section 409A”), then such payment or benefit shall commence upon the first
scheduled payment date immediately after the date the Release is executed and no longer subject to revocation (the “Release
Effective Date”). The first such cash payment shall include payment of all amounts that otherwise would have been
due prior to the Release Effective Date under the terms of this Agreement had such payments commenced immediately upon the termination
of your employment, and any payments made thereafter shall continue as provided herein. The delayed benefits shall in any event
expire at the time such benefits would have expired had such benefits commenced immediately following the termination of your employment.

 

(ii)                 
To the extent any such cash payment or continuing benefit to be provided is “deferred compensation” for purposes of
Section 409A, then such payments or benefits shall be made or commence upon the thirty-first (31st) day following the
termination of your employment. The first such cash payment shall include payment of all amounts that otherwise would have been
due prior thereto under the terms of this Agreement had such payments commenced immediately upon the termination of your employment,
and any payments made thereafter shall continue as provided herein. The delayed benefits shall in any event expire at the time
such benefits would have expired had such benefits commenced immediately following the termination of your employment.

 

		7.	Confidentiality; Non-Solicitation; Non-Disparagement.

 

(a)                
You acknowledge and agree that you are bound by certain confidentiality, non-solicitation and other covenants set forth in the
Confidentiality Agreement between you and the Company, dated June 8, 2015, (the “Confidentiality Agreements”).
You hereby reaffirm the covenants and provisions set forth in the Confidentiality Agreements. Nothing in this Agreement, the Confidentiality
Agreements, or the Company’s standard confidentiality policies and procedures in effect from time to time shall prevent your
truthful testimony as a witness, participation in an Investigation, or disclosure of wrongdoing to law enforcement or regulatory
agencies of competent jurisdiction, including, without limitation, the Equal Employment Opportunity Commission (EEOC), National
Labor Relations Board (NLRB), Occupational Safety and Health Administration (OSHA), the Securities and Exchange Commission, the
Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC) or California Department
of Business Oversight (DBO), or prohibit you from divulging confidential or proprietary information to the extent required by order
of court or agency of competent jurisdiction.

 

(b)                
You agree that you will not make any public statement that would libel, slander or disparage any member of the Company or any of
their respective past or present officers, directors, employees or agents.

 

    8

    

    

 

		8.	Effect on Other Agreements; Entire Agreement.

 

This Agreement is the entire agreement between you and the Company
with respect to the relationship contemplated by this Agreement and supersedes any earlier agreement, written or oral, with respect
to the subject matter of this Agreement. You agree that, effective as of the Effective Date, this Agreement replaces, terminates
and supersedes the Prior Agreement, and that the Prior Agreement is hereby terminated and shall be of no further force or effect.
In entering into this Agreement, no party has relied on or made any representation, warranty, inducement, promise or understanding
that is not in this Agreement. You hereby acknowledge that you are not subject to any obligation which would in any way restrict
the performance of your duties hereunder.

 

		9.	Successors.

 

(a)                
Payments on Your Death. If you die and any amounts are or become payable under this Agreement, the Company will pay those
amounts to your estate.

 

(b)                
Assignment by You. You may not assign this Agreement without the Company’s consent. Also, except as required by law,
your right to receive payments or benefits under this Agreement may not be subject to execution, attachment, levy or similar process.
Any attempt to effect any of the preceding in violation of this Section 9(b), whether voluntary or involuntary, will be void.

 

(c)                
Assumption by any Surviving Company. Before the effectiveness of any merger, consolidation, statutory share exchange or
similar transaction (including an exchange offer combined with a merger or consolidation) involving the Company (a “Reorganization”)
or any sale, lease or other disposition (including by way of a series of transactions or by way of merger, consolidation, stock
sale or similar transaction involving one or more subsidiaries) of all or substantially all of the Company’s consolidated
assets (a “Sale”), other than a Reorganization or Sale pursuant to which this Agreement will be assumed
by the Surviving Company by operation of law, the Company will cause (1) the Surviving Company to unconditionally assume this Agreement
in writing and (2) a copy of the assumption to be provided to you. After the Reorganization or Sale, the Surviving Company will
be treated for all purposes as the Company under this Agreement. The “Surviving Company” means (i) in
a Reorganization, the entity resulting from the Reorganization or (ii) in a Sale, the entity that has acquired all or substantially
all of the assets of the Company.

 

		10.	Disputes.

 

(a)                
Employment Matters. This Section 10 applies to any controversy or claim between you and the Company arising out of or relating
to or concerning this Agreement or any aspect of your employment with the Company or the termination of that employment (together,
an “Employment Matter”). This includes, but is not limited to, any and all employment-related claims
or controversies, such as breach of employment agreement, breach of the covenant of good faith and fair dealing, negligent supervision
or hiring, wrongful discharge in violation of public policy, unpaid wages under the state and federal wage payment laws, breach
of privacy claims, intentional or negligent infliction of emotional distress claims, fraud, misrepresentations, defamation, and
any claims that could be asserted under all state and federal anti-discrimination laws, including, but not limited to, the California
Fair Employment and Housing Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans
with Disabilities Act, the California Labor Code, and the Family and Medical Leave Act. You specifically agree to arbitrate all
claims for discrimination and marital status, sexual orientation, disability, political activity, or any other statutorily-protected
basis under the procedure set forth in the this Section 10 and not through a court of law. This Agreement is further intended to
apply to any claim you may have against any of the Company’s officers, directors, employees, agents, or any of its affiliated
or related entities, and to any and all past and future employment relationships you may have with the Company regardless of job
position or title.

 

    9

    

    

 

(b)                
Mandatory Arbitration. Any controversy arising out of or relating to this Agreement, its enforcement or interpretation,
or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or any other controversy
arising out of your employment, including, but not limited to, any state or federal statutory claims, shall be submitted to arbitration
in the County of Los Angeles, California, before a sole arbitrator selected from Judicial Arbitration and Mediation Services, Inc.,
Los Angeles, California, or its successor (“JAMS”), or if JAMS is no longer able to supply the arbitrator,
such arbitrator shall be selected from the American Arbitration Association, and shall be conducted in accordance with the provisions
of California Code of Civil Procedure § 1280 et seq. as the exclusive forum for the resolution of such dispute; provided,
however, that in the event that provisional injunctive relief is not available, or is not available in a timely manner,
through such arbitration, then provisional injunctive relief may, but need not, be sought by either party to this Agreement in
a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain
effective until the matter is finally determined by the Arbitrator. Either you or the Company may initiate the arbitration process
by delivering a written request for arbitration to the other party within the time limits that would apply to the filing of civil
complaint in state or federal district court, as applicable to the claim at issue. A late request will be void. Final resolution
of any dispute through arbitration may include any remedy or relief which the Arbitrator deems just and equitable, including any
and all remedies provided by applicable state or federal statutes. At the conclusion of the arbitration, the Arbitrator shall issue
a written decision that sets forth the essential findings and conclusions upon which the Arbitrator’s award or decision is
based. Any award or relief granted by the Arbitrator hereunder shall be final and binding on the parties hereto and may be enforced
by any court of competent jurisdiction. The parties hereto acknowledge and agree that they are hereby waiving any rights to trial
by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other in connection with
any matter whatsoever arising out of or in any way connected with this Agreement or your employment. The parties hereto agree that
the Company shall be responsible for payment of the forum costs of any arbitration hereunder, including the Arbitrator’s
fee. You and the Company further agree that in any proceeding to enforce the terms of this Agreement, the prevailing party shall
be entitled to its or his reasonable attorneys’ fees and costs (other than forum costs associated with the arbitration) incurred
by it or him in connection with resolution of the dispute in addition to any other relief granted. Notwithstanding this provision,
the parties hereto may mutually agree to mediate any dispute prior to or following submission to arbitration.

 

(c)                
Enforcement of Arbitration Awards. You or the Company may bring an action or special proceeding in a state or federal court
of competent jurisdiction sitting in the County of Los Angeles, California to enforce any arbitration award under Section 10(b).

 

(d)                
Jurisdiction and Choice of Forum. You and the Company irrevocably submit to the exclusive jurisdiction of any state or federal
court located in the County of Los Angeles, California over any Employment Matter that is not otherwise arbitrated or resolved
according to Section 10(b). This includes any action or proceeding to compel arbitration or to enforce an arbitration award. Both
you and the Company (i) acknowledge that the forum stated in this Section 10(d) has a reasonable relation to this Agreement and
to the relationship between you and the Company and that the submission to the forum will apply even if the forum chooses to apply
non-forum law, (ii) waive, to the extent permitted by law, any objection to personal jurisdiction or to the laying of venue of
any action or proceeding covered by this Section 10(d) in the forum stated in this Section, including any objection on the grounds
of forum non conveniens or the like, (iii) agree not to commence any such action or proceeding in any forum other than the
forum stated in this Section 10(d), and (iv) agree that, to the extent permitted by law, a final and non-appealable judgment in
any such action or proceeding in any such court will be conclusive and binding on you and the Company.

 

(e)                
Waiver of Jury Trial. To the extent permitted by law, you and the Company waive any and all rights to a jury trial with
respect to any Employment Matter. Notwithstanding the provisions of this Agreement, you shall have the right to file a claim for
workers’ compensation and unemployment insurance benefits with the appropriate state agencies, unfair labor practice charges
with the National Labor Relations Board, or an administrative charge with the Equal Employment Opportunity Commission, California
Department of Fair Employment and Housing, or any similar state agency.

 

(f)                 
Governing Law. This Agreement, and all questions relating to its validity, interpretation, performance and enforcement,
as well as the legal relations hereby created between the parties hereto, shall be governed by and construed under, and interpreted
and enforced in accordance with, the laws of the State of California, notwithstanding any California or other conflict of law provision
to the contrary.

 

		11.	General Provisions.

 

(a)                
Construction. References (A) to Sections are to sections of this Agreement unless otherwise stated; (B) to any contract
(including this Agreement) are to the contract as amended, modified, supplemented or replaced from time to time; (C) to any statute,
rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and,
in the case of statutes, include any rules and regulations promulgated under the statute) and to any section of any statute, rule
or regulation include any successor to the section; (D) to any governmental authority include any successor to the governmental
authority; (E) to any plan include any programs, practices and policies; (F) to any entity include any corporation, limited liability
company, partnership, association, business trust and similar organization and include any governmental authority; and (G) to any
affiliate of any entity are to any person or other entity directly or indirectly controlling, controlled by or under common control
with the first entity.

 

    10

    

    

 

(i)                 
The various headings in this Agreement are for convenience of reference only and in no way define, limit or describe the scope
or intent of any provisions or Sections of this Agreement.

 

(ii)                 
Unless the context requires otherwise, (A) words describing the singular number include the plural and vice versa, (B) words denoting
any gender include all genders and (C) the words “include”, “includes” and “including” will
be deemed to be followed by the words “without limitation.”

 

(iii)                 
It is your and the Company’s intention that this Agreement not be construed more strictly with regard to you or the Company.

 

(b)                
Withholding. You and the Company will treat all payments to you under this Agreement as compensation for your employment.
Accordingly, the Company may withhold from any payment any taxes that are required to be withheld under any law, rule or regulation.

 

(c)                
Severability. If any provision of this Agreement is found by any court of competent jurisdiction (or legally empowered agency)
to be illegal, invalid or unenforceable for any reason, then (1) the provision will be amended automatically to the minimum extent
necessary to cure the illegality or invalidity and permit enforcement and (2) the remainder of this Agreement will not be affected.

 

(d)                
No Set-off or Mitigation. Except if your employment is terminated by the Company for Cause, your and the Company’s
respective obligations under this Agreement will not be affected by any set-off, counterclaim, recoupment or other right you or
any member of the Company may have against each other or anyone else. You do not need to seek other employment or take any other
action to mitigate any amounts owed to you under this Agreement.

 

(e)                
Notices. All notices, requests, demands and other communications under this Agreement must be in writing and will be deemed
given (1) on the business day sent, when delivered by hand or facsimile transmission (with confirmation) during normal business
hours, (2) on the business day after the business day sent, if delivered by a nationally recognized overnight courier or (3) on
the third business day after the business day sent if delivered by registered or certified mail, return receipt requested, in each
case to the following address or number (or to such other addresses or numbers as may be specified by notice that conforms to this
Section 11(e)):

 

If to you, to your address then on file with the Company’s
payroll department.

 

If to the Company or any other member of the Company, to:

 

Hanmi Financial Corporation

3660 Wilshire Boulevard, Penthouse Suite A

Los Angeles, California 90010

Attention: Chief Executive Officer

Facsimile: (213) 384-0990

 

(f)                 
Consideration. This Agreement is in consideration of the mutual covenants contained in it. You and the Company acknowledge
the receipt and sufficiency of the consideration to this Agreement and intend this Agreement to be legally binding.

 

(g)                
Amendments and Waivers. Any provision of this Agreement may be amended or waived but only if the amendment or waiver is
in writing and signed, in the case of an amendment, by you and the Company or, in the case of a waiver, by the party that would
have benefited from the provision waived. Except as this Agreement otherwise provides, no failure or delay by you or the Company
to exercise any right or remedy under this Agreement will operate as a waiver, and no partial exercise of any right or remedy will
preclude any further exercise.

 

    11

    

    

 

(h)                
Legal Counsel; Mutual Drafting. Each party recognizes that this is a legally binding contract and acknowledges and agrees
that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation
and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such language. You agree and acknowledge that you have read and understand
this Agreement, are entering into it freely and voluntarily, and have been advised to seek counsel prior to entering into this
Agreement and have had ample opportunity to do so.

 

(i)                  
Golden Parachute/Bank Regulatory Limitation. The parties understand and agree that at the time any payment would otherwise
be made or benefit provided under Section 6 of this Agreement, depending on the facts and circumstances existing at such time,
the satisfaction of such obligations by the Company may be deemed by a regulatory authority to be illegal, an unsafe and unsound
practice, or for some other reason not properly due or payable by the Company. Among other things, applicable banking laws, regulations
and published guidance and policies of the appropriate regulatory authorities (including, but not limited to, Section 39(a) of
the Federal Deposit Insurance Act, 12 C.F.R. Part 364 Appendix A, 12 C.F.R. Part 359, Guidance on Sound Incentive Compensation
Policies, 75 Fed. Reg. 36,395 (June 25, 2010) or similar regulations or regulatory action following similar principles may apply
at such time. You understand, acknowledge and agree that, notwithstanding any other provision of this Agreement, the Company shall
not be obligated to make any payment or provide any benefit under Section 6 of this Agreement where (i) an appropriate regulatory
authority does not approve or acquiesce as required or objects to the making of such payment or benefit or (ii) the Company has
been informed in writing by a representative of the appropriate regulatory authority that it is the position of such regulatory
authority that making such payment or providing such benefit would constitute an unsafe and unsound practice, violate a written
agreement with the regulatory authority, violate an applicable rule or regulation, or would cause the representative of the regulatory
authority to recommend enforcement action against the Company.

 

(j)                 
Key Employee Delay on Payments. Notwithstanding the timing of payments set forth in Agreement, if the Company determines
that you are a “specified employee” within the meaning of Section 409A, as may be amended and that, as a result of
such status, any portion of the payment under this Agreement would be subject to additional taxation, the Company will delay paying
any portion of such payment until the earliest permissible date on which payments may commence without triggering such additional
taxation (with such delay not to exceed six (6) months), with the first such payment to include the amounts that would have been
paid earlier but for the above delay.

 

(k)                
Third-Party Beneficiaries. Subject to Section 9, this Agreement will be binding on, inure to the benefit of and be enforceable
by the parties and their respective heirs, personal representatives, successors and assigns. This Agreement does not confer any
rights, remedies, obligations or liabilities to any entity or person other than you and the Company and your and the Company’s
permitted successors and assigns, although (i) this Agreement will inure to the benefit of the Company and (ii) Section 9(a) will
inure to the benefit of the most recent persons named in a notice under that Section.

 

		12.	Compliance with Section 409A.

 

(a)                
General. It is the intention of both the Company and you that the benefits and rights to which you could be entitled pursuant
to this Agreement comply with Section 409A to the extent that the requirements of Section 409A are applicable thereto, and the
provisions of this Agreement shall be construed in a manner consistent with that intention. If you or the Company believes, at
any time, that any such benefit or right that is subject to Section 409A does not so comply, it shall promptly advise the other
and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Section
409A (with the most limited possible economic effect on you and on the Company). Notwithstanding the foregoing, the Company does
not make any representation to you that the payments or benefits provided under this Agreement are exempt from, or satisfy, the
requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the you
or any beneficiary for any tax, additional tax, interest or penalties that you or any beneficiary may incur in the event that any
provision of this Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed
to violate any of the requirements of Section 409A.

 

    12

    

    

 

(b)                
Distributions on Account of Separation from Service. If and to the extent required to comply with Section 409A, no payment
or benefit required to be paid under this Agreement on account of termination of your employment shall be made unless and until
you incur a “separation from service” within the meaning of Section 409A.

 

(c)                
No Acceleration of Payments. Neither the Company nor you, individually or in combination, may accelerate any payment or
benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount
that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.

 

(d)                
Treatment of Each Installment as a Separate Payment and Timing of Payments. For purposes of applying the provisions of Section
409A to this Agreement, each separately identified amount to which you are entitled under this Agreement shall be treated as a
separate payment. In addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement
shall be treated as a right to a series of separate payments. Whenever a payment under this Agreement specifies a payment period
with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion
of the Company.

 

(e)                
Taxable Reimbursements and In-Kind Benefits.

 

(i)                 
Any reimbursements by the Company to you of any eligible expenses under this Agreement that are not excludable from your income
for Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the earlier
of the date on which they would be paid under the Company’s normal policies and the last day of the calendar year following
the year in which the expense was incurred.

 

(ii)                 
The amount of any Taxable Reimbursements, and the value of any in-kind benefits to be provided to you, during any calendar year
shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year (except
for any life-term or other aggregate limitation applicable to medical expenses).

 

(iii)                 
The right to Taxable Reimbursement, or in-kind benefits, shall not be subject to liquidation or exchange for another benefit.

 

		13.	Counterparts.

 

This Agreement may be executed in counterparts, each of which will
constitute an original and all of which, when taken together, will constitute one agreement. However, this Agreement will not be
effective until the date both parties have executed this Agreement.

 

 

	 	 	Very truly yours,	 
	 	 	 	 
	 	 	HANMI FINANCIAL CORPORATION

                     
	 
	 	 	/s/ Joseph K. Rho	 
	 	 	Name: 	Joseph K. Rho	 
	 	 	Title: 	Chairman	 

 

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	 	 	HANMI BANK	 
	 	 	 	 	 
	 	 	/s/ C. G. Kum	 
	 	 	Name: 	C. G. Kum	 
	 	 	Title:	President & Chief Executive Officer	 

 

ACCEPTED AND AGREED TO:

 

/s/ Bonita I. Lee                                 

Bonita I. Lee

 

Dated: February 21, 2018

 

 

    14

    

    

 

Annex A

 

Limitation on Payments Following a Change in
Control

 

In the event that any payment or benefit received or to be
received by Bonita I. Lee (“Executive”) pursuant to that certain Employment Agreement (the
“Agreement”), dated February 21, 2018, by and between Executive, Hanmi Financial Corporation and
Hanmi Bank (together, the “Company”) or otherwise (“Payments”) would (i)
constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”) and (ii) but for this Annex A, be subject to the excise tax imposed by Section
4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax
(“Excise Tax”), then such Payments shall be either (A) provided in full pursuant to the terms of
the Agreement and any other applicable agreements and plans, or (B) provided as to such lesser extent which would result in
no portion of such Payments being subject to the Excise Tax (“Reduced Amount”), whichever of the
foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other
taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by
Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise,
notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Unless the Company and Executive
otherwise agree in writing, any determination required under this Annex A shall be made by independent tax counsel designated
by the Company and reasonably acceptable to Executive (“Independent Tax Counsel”), whose
determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the
calculations required under this Annex A, Independent Tax Counsel may make reasonable assumptions and approximations
concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections
280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that Executive pays all taxes at the highest
marginal rate unless Executive’s actual effective marginal tax rate at the relevant time is less than the highest
marginal rate, in which case such lower rate shall be used by Independent Tax Counsel. The Company and Executive shall
furnish to Independent Tax Counsel such information and documents as Independent Tax Counsel may reasonably request in order
to make a determination under this Annex A. The Company shall bear all costs that Independent Tax Counsel may reasonably
incur in connection with any calculations contemplated by this Annex A. In the event that (ii)(B) above applies, then based
on the information provided to Executive and the Company by Independent Tax Counsel, and notwithstanding any other
provision of the Agreement or any other plan, arrangement or agreement to the contrary, the reduction of such Payments shall
be made as follows: (A) if none of the Payments constitute non-qualified deferred compensation (within the meaning of Section
409A of the Code), then such reduction and/or repayment shall occur in the manner the Executive elects in writing prior to
the date of Payment; or (B) if any Payment constitutes non-qualified deferred compensation or if the Executive fails to elect
an order in the event that none of the Payments constitutes non-qualified deferred compensation (within the meaning of
Section 409A of the Code), then the Payments to be reduced will be determined in a manner which maximizes the
Executive’s economic position and, to the extent the economic cost is equivalent between one or more Payments, such
Payments will be reduced in the inverse order of when payment would have been made to the Executive, until the aggregate
Payments payable to the Executive equal the Reduced Amount.

 

    Annex A

    

    

 

Annex B

 

General Release

 

For valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the undersigned does hereby release and forever discharge the “Releasees”
hereunder, consisting of Hanmi Financial Corporation, a Delaware corporation, and Hanmi Bank, a state chartered bank
incorporated under the laws of the State of California (together, the “Company”), and their
partners, associates, parents, subsidiaries, affiliates, successors, heirs, assigns, agents, directors, officers, employees,
equityholders, representatives, lawyers, insurers, and all persons acting by, through, under or in concert with them, or any
of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts,
liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or
expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called
“Claims”), which the undersigned now has or may hereafter have against the Releasees, or any of
them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof.  The
Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based
upon, or related to the employment or termination from employment of the undersigned by the Releasees, or any of them; any
claim for benefits under any stock option or other equity-based incentive plan of the Releasees (or any related agreement to
which any Releasee is a party); any alleged breach of any express or implied contract of employment; any alleged torts or
other alleged legal restrictions on Releasee’s right to terminate the employment of the undersigned; and any alleged
violation of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act, and the Americans With Disabilities Act. Notwithstanding the
foregoing, this General Release (“Release”) shall not operate to release any Claims which the undersigned may
have with respect to (i) payments and other express obligations of the Company under that certain Employment Agreement, dated
as of February 21, 2018, between the Company and the undersigned (“Employment Agreement”); (ii) accrued and vested
benefits the undersigned may have, if any, as of the date hereof under any employee benefit plan of the Company or, with
respect to any outstanding equity awards held by the undersigned, under any equity incentive plan, stock award or option
agreement, as any such stock award or option agreement may be amended by the Employment Agreement, if such amendment is more
favorable to the undersigned; (iii) payments and other obligations of the Company with respect to indemnification of the
undersigned under the Company’s Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws,
and under any indemnification agreement between the Company and the undersigned. Additionally, notwithstanding the foregoing,
the undersigned understands that nothing in this Release limits the undersigned’s ability to file a charge or complaint
with the Equal Employment Opportunity Commission (the “EEOC”), the Securities and Exchange Commission or any
other federal, state or local governmental agency or commission (“Government Agencies”). The undersigned further
understand that this Release does not limit the undersigned’s ability to communicate with any Government Agencies or
otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing
documents or other information, without notice to the Company. This Release does not limit the undersigned’s right to
receive an award for information provided to any Government Agencies, and except, to the extent permissible by applicable
law, the undersigned hereby agrees to waive the right to any monetary relief or recovery, including attorneys’ fees and
costs, granted by the EEOC in connection with any complaint and/or charge brought against the Releasees arising out of the
employment relationship or the termination of the employment relationship with the Company, regardless as to who brought or
brings any such complaint or charge, whether in the nature of an individual action, class, or otherwise..

 

THE UNDERSIGNED ACKNOWLEDGES THAT HE HAS BEEN ADVISED BY LEGAL COUNSEL
AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:

 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER
MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

    Annex B

    

    

 

THE UNDERSIGNED, BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY
WAIVES ANY RIGHTS HE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.

 

IN ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990,
THE UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS:

 

(1)       HE HAS THE RIGHT
TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE;

 

(2)       HE HAS TWENTY-ONE
(21) DAYS TO CONSIDER THIS RELEASE BEFORE SIGNING IT; AND

 

(3)       HE HAS SEVEN (7)
DAYS AFTER SIGNING THIS RELEASE TO REVOKE IT, AND THIS RELEASE SHALL BECOME EFFECTIVE UPON THE EXPIRATION OF THAT REVOCATION PERIOD.

 

The undersigned represents and warrants that there has been no assignment
or other transfer of any interest in any Claim which he may have against Releasees, or any of them, and the undersigned agrees
to indemnify and hold Releasees, and each of them, harmless from any liability, Claims, demands, damages, costs, expenses and attorneys’
fees incurred by Releasees, or any of them, as the result of any such assignment or transfer of any rights or Claims under any
such assignment or transfer.  It is the intention of the parties that this indemnity does not require payment as a condition
precedent to recovery by the Releasees against the undersigned under this indemnity.

 

The undersigned agrees that if he hereafter commences any suit arising
out of, based upon, or relating to any of the Claims released hereunder or in any manner asserts against Releasees, or any of them,
any of the Claims released hereunder, then the undersigned agrees to pay to Releasees, and each of them, in addition to any other
damages caused to Releasees thereby, all attorney’s fees incurred by Releasees in defending or otherwise responding to said
suit or Claim.

 

The undersigned further understands and agrees that neither the payment
of any sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever
by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned.

 

IN WITNESS WHEREOF, the undersigned has executed this Release this
12th day of February, 2018.

 

	 	 	/s/ Bonita I. Lee	 
	 	 		Bonita I. Lee	 

 

 

 

Annex B

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