Document:

EX-4.1

 Exhibit 4.1 

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF 

THE SECURITIES EXCHANGE ACT OF 1934, AMENDED 

As of September 30, 2022, Armada Acquisition Corp. I (“we”, “our”, “us” or the “Company”) had the following three
classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: (a) shares of Common Stock, $0.0001 par value per share (“Common Stock”); (b) warrants, with each whole warrant entitling the
registered holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment, at any time commencing 30 days after the completion of an initial business combination; and (c) units, of which each unit consists of
one share of common stock and one-half of one redeemable warrant. 
 General 

On August 17, 2021, we consummated our initial public offering of 15,000,000 Units, at a price of $10.00 per unit. As of September 30, 2022, we are
authorized to issue 100,000,000 shares of common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. No shares of preferred stock are outstanding as of December 13, 2022. In addition, as of
December 13, 2022, there were 20,709,500 shares of Common Stockissued and outstanding which includes shares of Common Stock underlying the Units sold in the registrant’s initial public offering, and of which 20,585,251 shares of Common
Stock trade separately. The following description summarizes the material terms of our securities. Because it is only a summary, it may not contain all the information that is important to you. For a complete description you should refer to our
amended and restated certificate of incorporation, bylaws and the form of warrant agreement, which are filed as exhibits to our registration statement, and to the applicable provisions of Delaware law. 

Units 
 Each unit consists of one share of common stock
and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of common stock. Each warrant entitles the registered holder to purchase one share of common stock at a
price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial business combination. However, no warrants will be exercisable for cash unless we have an effective and current
registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. 

Common Stock 
 Our stockholders of record are entitled to
one vote for each share held on all matters to be voted on by stockholders. In connection with any vote held to approve our initial business combination, our sponsor, as well as all of our officers and directors, have agreed to vote their respective
shares of common stock owned by them immediately prior to our initial public offering and any shares purchased in our initial public offering or following our initial public offering in the open market in favor of the proposed business combination.

 We will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 immediately prior to or upon consummation
of such business combination and, solely if a vote is held to approve a business combination, a majority of the outstanding shares of common stock voted are voted in favor of the business combination. 

Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being
elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares eligible to vote for the election of directors can elect all of the directors. 

Pursuant to our amended and restated certificate of incorporation, if we do not consummate an initial business combination by February 17, 2023 (unless
we further extend the period of time to consummate our initial business combination), our corporate existence will cease except for the purposes of winding up our affairs and liquidating. If we are forced to liquidate prior to an initial business
combination, our public stockholders are entitled to share ratably in the trust account, based on the amount then held in the trust account. 

 Our sponsor, officers and directors have agreed to waive their rights to participate in any liquidation
distribution from the trust account occurring upon our failure to consummate an initial business combination with respect to the founder shares and private shares. Our sponsor, officers and directors will therefore not participate in any liquidation
distribution from the trust account with respect to such shares. They will, however, participate in any liquidation distribution from the trust account with respect to any shares of common stock acquired in, or following, our initial public
offering. 
 Our stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable
to the shares of common stock, except that public stockholders have the right to sell their shares to us in a tender offer or have their shares of common stock redeemed for cash equal to their pro rata share of the trust account in connection with
the consummation of our business combination. Public stockholders who sell or redeem their stock into their share of the trust account still have the right to exercise the warrants that they received as part of the units. 

Preferred Stock 
 There are no shares of preferred stock
outstanding. Our amended and restated certificate of incorporation authorizes the issuance of 1,000,000 shares of preferred stock with such designation, rights and preferences as may be determined from time to time by our board of directors. No
shares of preferred stock were issued or registered in our initial public offering. Accordingly, our board of directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other
rights which could adversely affect the voting power or other rights of the holders of common stock. However, the underwriting agreement prohibits us, prior to a business combination, from issuing preferred stock which participates in any manner in
the proceeds of the trust account, or which votes as a class with the common stock on a business combination. We may issue some or all of the preferred stock to effect a business combination. In addition, the preferred stock could be utilized as a
method of discouraging, delaying or preventing a change in control of us. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future. 

Warrants 
 Each unit consists of one share of common stock
and one-half of one redeemable warrant. Each whole warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any
time commencing 30 days after the completion of an initial business combination. However, no warrants will be exercisable for cash unless we have an effective and current registration statement covering the shares of common stock issuable upon
exercise of the warrants and a current prospectus relating to such shares of common stock. We have registered the shares of common stock issuable upon exercise of the warrants because the warrants will become exercisable 30 days after the completion
of our initial business combination, which may be within one year of our initial public offering. However, because the warrants will be exercisable until their expiration date of up to five years after the completion of our initial business
combination, in order to comply with the requirements of Section 10(a)(3) of the Securities Act following the consummation of our initial business combination under the terms of the warrant agreement, we have agreed that we will use our best
efforts to file with the SEC as soon as practicable after the business combination a post-effective amendment to our registration statement or a new registration statement for the registration, under the Securities Act, of the common stock issuable
upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in
accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the public warrants is not effective within 90 days following the
consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants
on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their
warrants on a cashless basis. In the event of such cashless exercise, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of
the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market
value” for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise. The warrants will expire on the fifth anniversary of our
completion of an initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 

 We may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant, 

 

	 	•	 	 at any time after the warrants become exercisable, 

 

	 	•	 	 upon not less than 30 days’ prior written notice of redemption to each warrant holder,

  

	 	•	 	 if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to
the notice of redemption to warrant holders; and 

  

	 	•	 	 if, and only if, there is a current registration statement in effect with respect to the shares of common stock
underlying such warrants. 

 The right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the
notice of redemption. On and after the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant. 

The redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial
exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop
below the exercise price of the warrants. 
 If we call the warrants for redemption as described above, our management will have the option to require all
holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by
dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market
value. The “fair market value” for this purpose shall mean the average reported last sale price of the shares of common stock for the 5 trading days ending on the third trading day prior to the date on which the notice of redemption is
sent to the holders of warrants. 
 The warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer &
Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written
consent or vote, of the holders of at least a majority of the then outstanding public warrants in order to make any change that adversely affects the interests of the registered holders. 

The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event
of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuances of shares of common stock at a price below their
respective exercise prices. 
 In addition, if (x) we issue additional shares of common stock or equity-linked securities for capital raising purposes
in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by our board of
directors, and in the case of any such issuance to our sponsor, initial stockholders or their affiliates, without taking into account any founder shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances
represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the
Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which we issue the additional shares of common
stock or equity-linked securities. 

 The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date
at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price, by certified or official bank check payable to us, for
the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of shares of common stock and any voting rights until they exercise their warrants and receive shares of common stock. After the issuance of
shares of common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders. 

Warrant holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would not be able to exercise
their warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares of common stock outstanding. 

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round up to the nearest whole number the number of shares of common stock to be issued to the warrant holder. 

We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such
action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive
forum. 
 Dividends 
 We have not paid any cash
dividends on our shares of common stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination will be within the discretion of our then board of directors. It is the present
intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends in the foreseeable future. 

Our Transfer Agent and Warrant Agent 
 The transfer agent
for our securities and warrant agent for our warrants is Continental Stock Transfer & Trust Company, 1 State Street, New York, New York 10004. 

Nasdaq National Market LLC 
 Our units trade on Nasdaq
under the symbol “AACIU” and our common stock and warrants are listed on Nasdaq under the symbols “AACI,” and “AACIW,” respectively. 

Certain Anti-Takeover Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and
By-Laws 
 Staggered board of directors 

Our amended and restated certificate of incorporation provides that our board of directors is classified into three classes of directors of approximately equal
size. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings. 

Special meeting of stockholders 
 Our bylaws
provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our president or by our chairman or by our secretary at the request in writing of stockholders owning a majority of our issued and
outstanding capital stock entitled to vote. 

 Advance notice requirements for stockholder proposals and director nominations 

Our bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors
at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be delivered to our principal executive offices not later than the close of business on the 60th day nor earlier than the close of business on the 90th day prior to the scheduled date of the annual meeting of stockholders. In the event that
less than 70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders is given, a stockholder’s notice shall be timely if delivered to our principal executive offices not later than the 10th day following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our bylaws also specify certain requirements as to the form and
content of a stockholders’ meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders. 

Authorized but unissued shares 
 Our authorized but
unissued common stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee
benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Exclusive Forum Selection 
 Our amended and
restated certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be
brought only in the Court of Chancery in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of
Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of
Chancery, or (C) for which the Court of Chancery does not have subject matter jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such
stockholder’s counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court may determine that this provision is
unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities
laws and the rules and regulations thereunder and therefore bring a claim in another appropriate forum. Additionally, we cannot be certain that a court will decide that this provision is either applicable or enforceable, and if a court were to find
the choice of forum provision contained in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which
could harm our business, operating results and financial condition. 
 Our amended and restated certificate of incorporation provides that the exclusive
forum provision will be applicable to the fullest extent permitted by applicable law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or
the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive
jurisdiction. In addition, the exclusive forum provision will not apply to actions brought under the Securities Act, or the rules and regulations thereunder. 

Limitation on Liability and Indemnification of Directors and Officers 

Our amended and restated certificate of incorporation provides that our directors and officers will be indemnified by us to the fullest extent authorized by
Delaware law as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary
duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or
derived an improper personal benefit from their actions as directors. 

 We have entered into agreements with our officers and directors to provide contractual indemnification in
addition to the indemnification provided for in our amended and restated certificate of incorporation. Our bylaws also permit us to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions,
regardless of whether Delaware law would permit indemnification. We have purchased a policy of directors’ and officers’ liability insurance that insures our directors and officers against the cost of defense, settlement or payment of a
judgment in some circumstances and insures us against our obligations to indemnify the directors and officers. 
 These provisions may discourage
stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these
indemnification provisions. We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and officers. 

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to
the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”), by and between First Foundation Bank, a California state chartered commercial bank (“FFB” or
the “Employer”), and Amy Djou (the “Executive”), is made and entered into as of December 19, 2022.

 

WHEREAS, Employer is a bank
chartered by the Department of Financial Protection and Innovation of the State of California (the “DFPI”) and conducts a
banking business; First Foundation Advisors, a California corporation (“FFA”), is engaged in the business of providing investment
management, wealth management and advisory services primarily to high net worth individuals; and both Employer and FFA are wholly-owned
subsidiaries of First Foundation Inc., a Delaware corporation (“Parent”), which, through its subsidiaries (collectively “Affiliates”),
provides commercial banking, investment management, wealth management, advisory services, trust services and other financial services
to the public.

 

WHEREAS, Employer desires
to employ Executive, and Executive desires to be employed by Employer, in accordance with the terms and subject to the conditions hereof.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained in this Agreement, the Employer and the Executive agree as follows:

 

1.            Employment.
Employer agrees to employ Executive and Executive agrees to be employed by Employer, on a full time basis, on the terms and conditions
set forth in this Agreement.

 

2.            Capacity.
The Executive shall serve the Employer as its Executive Vice President and Chief Accounting Officer. The Executive shall be principally
responsible for duties typical for a chief accounting officer of a similarly situated commercial bank, subject to the directions of the
Employer’s Board of Directors (the “Board”) or Chief Executive Officer (the “CEO”). Executive shall also
serve Employer in such other or additional offices and capacities as the Executive may be requested to serve by the Board or the CEO and
shall perform such services and duties in connection with the business, affairs and operations of, Employer as may be assigned or delegated
from time to time to Executive, which may include rendering services to Affiliates, when rendering services in such other or additional
capacities, by or under the authority of the Board or the CEO. Without limiting the generality of the foregoing, the Executive agrees
to serve as Interim Chief Financial Officer of Parent and the Employer effective as of November 21, 2022 and until a permanent replacement
is selected. The period during which the Executive serves in this capacity as Interim Chief Financial Officer is referred to as the “Interim
Period.” The parties agree that the elimination of the Interim Chief Financial Officer title and the associated reduction or diminution
in authority, duties or responsibilities shall not constitute a breach of this Agreement or give rise to resignation for “Good Reason”
pursuant to Section 6(c) of this Agreement or pursuant to that certain Change in Control Severance Compensation Agreement dated
as of November 14, 2022 by and between Parent and the Executive (the “CIC Agreement”).

 

3.            Extent
of Service. During Executive’s employment under this Agreement, Executive shall devote Executive’s full business time,
best efforts and business judgment, skill and knowledge to the advancement of Employer’s business and interests and to the discharge
of Executive’s duties and responsibilities under this Agreement. Executive shall not engage in any other business activity that
(x) conflicts with the interests of Employer, (y) interferes with the proper and efficient performance of Executive’s
duties for Employer, or (z) interferes with Executive’s exercise of judgment in the Employer’s best interests, except
as may be approved in writing and in advance by the Board; provided, however, that nothing in this Agreement shall be construed
as preventing Executive from:

 

(a)            investing
Executive’s assets in any company or other entity in a manner not prohibited by Section 8(d) hereof and in such form or
manner as shall not require any material activities on Executive’s part in connection with the operations or affairs of the companies
or other entities in which such investments are made; or

 

     

     

    

 

(b)            engaging
in religious, charitable or other community or non-profit activities that do not impair Executive’s ability to fulfill his/her duties
and responsibilities under this Agreement.

 

4.            Term.
Unless sooner terminated pursuant to Section 6 hereof, the term of Executive’s employment with Employer pursuant to this Agreement
shall commence on the date hereof and end on December 31, 2024 (the “Term”).

 

5.            Compensation
and Benefits. The regular compensation and benefits payable to Executive under this Agreement shall be as follows:

 

(a)            Salary.
For all services rendered by Executive under this Agreement, Employer shall pay Executive a salary at the annual rate of Two Hundred Sixty-Five
Thousand dollars ($265,000), as the same may be increased in the sole discretion of the Board or its Compensation Committee (the “Compensation
Committee”), at any time or from time to time hereafter (the “Base Annual Salary”). Executive’s Base Annual Salary
shall be payable in periodic installments in accordance with Employer’s usual payroll practices for its senior executives. Notwithstanding
the foregoing, the parties agree that the Base Annual Salary during the Interim Period shall be Three Hundred Fifty Thousand dollars ($350,000).
Immediately following the end of the Interim Period, the Base Annual Salary shall revert to Two Hundred Sixty-Five Thousand dollars ($265,000)
without any further action by the parties. The parties further agree that this change in Base Annual Salary
and any resulting discontinuation or reduction in any incentive compensation award opportunity under any incentive compensation
plan or program in which Executive is participating shall not constitute a breach of this Agreement or give
rise to resignation for “Good Reason” pursuant to Section 6(c) of this Agreement or pursuant to the CIC Agreement.

 

(b)            Bonus
Compensation. Executive shall be entitled to participate in the annual incentive bonus programs for Employer’s senior executives;
provided, however, that nothing contained in this Section 5(b) or elsewhere in this Agreement shall be construed
to create any obligation on the part of Employer to maintain the effectiveness of any annual incentive bonus program. The performance
measures and goals that will be used to determine Executive’s entitlement to an annual incentive bonus under any such bonus program
that is established by Employer shall be determined by the Board or the Compensation Committee.

 

(c)            Regular
Employee Benefits. Executive shall be entitled to participate in any qualified or any other retirement plans, stock option and equity
incentive plans, stock purchase plans, medical insurance plans, life insurance plans, disability insurance or income plans, vacation plans,
expense reimbursement plans and other benefit plans which Employer may from time to time have in effect for all or most of its senior
executives; provided, however, that nothing contained in this Section 5(c) or elsewhere in this Agreement shall
be construed to create any obligation on the part of Employer to establish any such plan or to maintain the effectiveness of any such
plan which may be in effect from time to time during the Term. The extent and the terms and conditions of Executive’s participation
in any such plan shall be subject to the terms and conditions in the applicable plan documents, generally applicable policies of the Employer,
applicable law and the discretion of the Board, the Compensation Committee or any administrative or other committee provided for in or
contemplated by any such plan.

 

(d)            Reimbursement
of Business Expenses. Employer shall reimburse Executive for all reasonable expenses incurred by him/her in performing services pursuant
to this Agreement, in accordance with Employer’s expense reimbursement policies and procedures for its senior executives, as in
effect from time to time.

 

    2 

     

    

 

(e)            Taxation
of Compensation Payments and Benefits. Employer shall be entitled and shall undertake to make deductions, withholdings and tax reports
with respect to compensation payments and benefits to Executive under this Agreement to the extent that Employer reasonably and in good
faith believes that it is required to make such deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts
net of any such deductions or withholdings. Nothing in this Agreement shall be construed to require Employer to make any payments to compensate
Executive for any adverse tax consequences associated with or arising out of any payments or benefits or for any deduction or withholding
from any payments or benefits.

 

(f)            Exclusivity
of Salary and Benefits. Executive shall not be entitled to any payments or benefits other than those expressly provided for in this
Agreement.

 

6.            Termination
of Employment. Notwithstanding the provisions of Section 4, Executive’s employment under this Agreement shall terminate
prior to the end of the Term under the following circumstances and in accordance with the terms and provisions set forth below in this
Section 6.

 

(a)            Termination
by Employer for Cause. Executive’s employment under this Agreement may be terminated for Cause, without further liability on
the part of Employer, effective immediately upon a determination by the CEO or a vote of the Board and written notice to the Executive.
Each of the following shall constitute “Cause” that shall entitle Employer to terminate Executive’s employment for Cause:

 

(i)              any
act of gross negligence, willful misconduct or insubordination by Executive with respect to Employer or any of its Affiliates, or any
act of fraud, whether or not involving Employer or any Affiliate of Employer; or

 

(ii)             a
violation by Executive of any laws or government regulations applicable to Employer which could reasonably be expected to subject Employer
or any of its Affiliates (including any of their respective officer or directors) to disciplinary or enforcement action by any governmental
agency, including the assessment of civil money damages on Employer, or which could reasonably be expected to adversely affect Employer’s
or any of its Affiliates’ reputation or goodwill with clients, customers, regulatory agencies or suppliers doing business with the
Employer or any of its Affiliates; or

 

(iii)            the
issuance of an order under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (the “FDIA”) requiring
Executive to be removed or permanently prohibited from participating in the conduct of the Employer’s business; or

 

(iv)            the
commission by Executive of an act which would constitute (A) a felony or (B) any misdemeanor involving moral turpitude, deceit,
dishonesty or fraud; or

 

(v)            any
failure of Executive to perform, to the reasonable satisfaction of the Board, a substantial portion of Executive’s duties and responsibilities
assigned or delegated to him/her under this Agreement, which failure continues, in the judgment of the Board, for more than thirty (30)
days following the giving of written notice to Executive of such failure; or

 

(vi)            a
breach by Executive of any of Executive’s material obligations under this Agreement, which breach remains uncured within fifteen
(15) days following Executive’s receipt of written notice of the existence of such breach and, for such purposes, the term “material
obligations” shall include each of Executive’s covenants and obligations contained in Section 8 hereof; or

 

(vii)           a
violation by Executive of any conflict of interest policy, ethical conduct policy or employment policy adopted by Employer or Parent or
a breach by Executive of any of his/her fiduciary duties to Employer or Parent; or

 

(viii)          the
issuance of an order or directive by any government agency having jurisdiction over Employer or any of its Affiliates or over Executive
which requires Executive to disassociate himself/herself from Employer or any of its Affiliates, suspends Executive’s employment
or requires Employer to terminate Executive’s employment.

 

    3 

     

    

 

(b)            Termination
by Employer Without Cause. Executive’s employment under this Agreement may be terminated by Employer without Cause upon written
notice to Executive, whereupon Executive shall become entitled to the severance compensation and benefits set forth in Section 7(b) of
this Agreement. Notwithstanding anything to the contrary that may be contained in this Agreement, it is acknowledged and agreed that a
termination pursuant to any of Sections 6(d) (entitled “Termination due to Death”), 6(e) (entitled “Disability”)
or 6(f) (entitled “Expiration of Term”) below, shall not be deemed to be or constitute a termination without Cause for
purposes of this Agreement.

 

(c)            Termination
by Executive for Good Reason. Subject to the terms and conditions set forth hereinafter in this Section 6(c), Executive shall
be entitled to terminate this Agreement and his/her employment with Employer hereunder for “Good Reason” and to receive the
severance compensation set forth in Section 7(b) below, if Employer takes any of the actions set forth in clauses (i) through
(iv) below (each a “Good Reason Action”):

 

(i)            Reduction
or Adverse Change of Authority and Responsibilities. Employer materially reduces Executive's authority, duties or responsibilities
with Employer, unless such reduction is made as a consequence of (i) any acts or omissions of Executive which would entitle Employer
to terminate Executive’s employment for Cause (as defined in Section 6(a) of this Agreement), or (ii) Executive’s
Disability (determined as provided in Section 6(e) of this Agreement);

 

(ii)            Material
Reduction in Salary. Employer materially reduces Executive's base salary or base compensation below the amount thereof as prescribed
by Executive’s Employment Agreement, unless such reduction is made (A) as part of an across-the-board cost-cutting measure
that is applied equally or proportionately to all senior executives of Employer, rather than discriminatorily against Executive, or (B) as
a result of any acts or omissions of Executive which would entitle Employer to terminate Executive’s employment for Cause (as defined
in Section 6(a) of this Agreement), or (C) by and at the election of the Employer as a result of Executive’s Disability
(determined as provided in Section 6(e) of this Agreement);

 

(iii)            Relocation.
Employer relocates Executive’s principal place of employment to an office (other than Employer's headquarters offices) located more
than thirty (30) miles from Executive’s then principal place of employment (other than for temporary assignments or required
travel in connection with the performance by Executive of his/her duties for Employer); or

 

(iv)            Breach
of Material Employment Obligations. Employer commits a breach of any of its material obligations to Executive under this Agreement
which breach continues uncured for a period of thirty (30) days following written notice thereof from Executive.

 

Notwithstanding anything to
the contrary that may be contained in this Section 6(c) or elsewhere in this Agreement: (x) the following conditions must
be satisfied in order for Executive to terminate this Agreement and his/her employment for Good Reason: (1) Executive shall have
given Employer a written notice of termination for Good Reason (a “Good Reason Termination Notice”) prior to the expiration
of a period of fifteen (15) consecutive calendar days commencing on the date that Executive is first notified in writing that Employer
has taken any such Good Reason Action, (2) Employer shall have failed to rescind or cure such Good Reason Action within thirty (30)
consecutive calendar days following its receipt of such Good Reason Termination Notice, and (3) the Good Reason Termination Notice
must expressly state that Executive is terminating his/her employment for Good Reason pursuant to this Section 6(c) and must
describe in reasonable detail the Good Reason Action that entitles Executive to terminate this Agreement and his/her employment for Good
Reason; and (y) Executive shall not be entitled to terminate his/her employment for Good Reason, if Executive shall have consented
to the taking of such Good Reason Action by Employer or if Employer was required to take any of the above-described actions in order to
comply with any applicable laws or government regulations or any order, ruling, instruction or determination of any court or other tribunal
or any government agency having jurisdiction over Employer or any of its Affiliates.

 

    4 

     

    

 

(d)            Termination
due to Death. Executive’s employment with Employer shall terminate upon his/her death.

 

(e)            Disability.
If Executive shall become disabled so as to be unable to perform the essential functions of Executive’s then existing position or
positions with Employer under this Agreement, then, upon the expiration of the lesser of (i) six (6) months thereafter or (ii) the
then remainder of the Term of this Agreement (the “Interim Disability Period”), Executive’s employment may be terminated
by Employer without liability to Executive, subject to the following terms and provisions. The Board may remove Executive from any responsibilities
and/or reassign Executive to another position with Employer for and the during the Interim Disability Period, provided, however,
that Executive shall continue to receive his/her full Base Annual Salary (less any disability pay or sick pay benefits to which the Executive
may be entitled under the Employer’s policies or benefit programs), together with benefits Executive receives pursuant to Section 5
hereof (except to the extent that Executive may be ineligible for one or more such benefits under applicable plan terms), for and during
the Interim Disability Period. If any question shall arise as to whether Executive is disabled so as to be unable to perform the essential
functions of Executive’s then existing position or positions, with or without reasonable accommodation, Executive may, and at the
request of Employer shall, submit to Employer a physician’s certification (in reasonable detail) as to whether Executive is so disabled
and how long such disability is expected to continue. Such certification shall be obtained only from a physician who is selected by Employer
and to whom Executive or Executive’s guardian (as the case may be) has no reasonable objection and the certification so obtained
shall for purposes of this Agreement be conclusive of such question or any issue as to the matters addressed in such certification. Executive
shall cooperate with any reasonable request of that physician in connection with such certification, including a request that Executive
undergo any physical or mental examination or tests, as deemed appropriate by such physician. If Executive shall fail to submit to such
an examination or any such tests, as such physician deems in his/her discretion to be appropriate for purposes of enabling physician to
make such certification, then, Employer’s determinations with respect to the questions of whether Executive is disabled and how
long such disability is expected to continue shall be binding on Executive. Nothing in this Section 6(e) shall be construed
to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993,
29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(f)            Terminations
due to Certain Regulatory Actions Affecting Employer. Notwithstanding anything to the contrary that may be contained elsewhere in
this Agreement, this Agreement, and Executive’s employment hereunder, shall terminate upon the occurrence of any of the following
events:

 

(i)            A
conservator, receiver, or other legal custodian is appointed for the Employer pursuant to any adjudication or other official determination
by any court of competent jurisdiction, the FDIC, or any governmental authority having jurisdiction over Employer; or

 

    5 

     

    

 

(ii)            the
Commissioner of the DFPI or the Chairman of the FDIC, or his or her designee, requires this Agreement to be terminated due to (A) the
entry, by the Federal Deposit Insurance Corporation (the “FDIC”) into an agreement to provide assistance to or on behalf of
the Employer under the authority contained in 13(c) of the FDIA; or (B) the approval of a supervisory merger to resolve problems
related to operations of the Employer or (C) a determination by Commissioner of the DFPI or the Chairman of the FDIC that the Employer
is in an unsafe or unsound condition.

 

(g)            Expiration
of Term. Executive’s employment under this Agreement shall terminate automatically on and as of the expiration date of the Term.

 

(h)            Survival.
Upon expiration or any termination of Executive’s employment with Employer pursuant to any of the provisions of this Section 6,
this Agreement also shall terminate; provided, however, that the following shall survive and remain in full force and effect
after the expiration or any termination of this Agreement: (i) the respective representations and warranties of each party contained
in this Agreement, which shall continue in effect throughout the Term, and (ii) the respective rights, obligations and covenants
and agreements of the parties contained in Section 7 (entitled "Compensation Upon Termination"), Section 8 (entitled
 "Protective Covenants"), Section 9 (entitled "Arbitration of Disputes") and Section 10 (entitled "Miscellaneous")
hereof.

 

(i)            Suspension
of Employment. If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Employer’s business
by a notice served under Section 8(e)(3) or (g)(1) of the FDIA (a “Suspension Notice”), the Employer’s
obligations under the Agreement shall be suspended as of the date on which service of such Suspension Notice is made, unless such suspension
is stayed by appropriate proceedings. If the charges in the Suspension Notice are dismissed, Employer may, in its discretion (i) pay
the Executive all or part of the compensation withheld while Employer’s obligations hereunder were suspended, and (ii) reinstate
(in whole or in part) any of the obligations of Employer that were suspended.

 

7.            Compensation
Upon Termination.

 

(a)            Termination
Generally. If Executive’s employment with Employer expires or is terminated (whether by Employer or Executive) for any reason
during the Term, Employer shall pay or provide to Executive (or to his/her authorized representative or estate): (i) any unpaid Base
Annual Salary earned through the date of such termination; (ii) any unpaid incentive compensation that is deemed earned and has become
payable under the terms of any incentive compensation program in which Executive was participating at the time of or had participated
prior to such expiration or termination of employment; (iii) unpaid expense reimbursements; (iv) accrued but unused vacation,
and (v) any vested benefits Executive may have earned under any employee benefit plan of Employer or Parent prior to the expiration
or termination of Executive’s employment; provided, however, that notwithstanding the foregoing provisions of this Section 7(a),
if Executive’s employment is terminated for Cause pursuant to Section 6(a) above or pursuant to Section 6(f), due
to certain Regulatory Actions, then, unless otherwise required by applicable law, Executive shall not be entitled to receive any unpaid
incentive compensation that might otherwise have been due to Executive and Executive will not be eligible for any Severance Payment. All
payments required to be made pursuant to this Section 7(a) shall be made within thirty (30) days following termination or on
such earlier date as is required by applicable law.

 

(b)            Termination
by the Employer Without Cause or by Executive for Good Reason. In the event of a termination of Executive’s employment by Employer
without Cause pursuant to Section 6(b) above, or by Executive for Good Reason pursuant to Section 6(c) above, then
subject to Executive’s execution, delivery and non-revocation within sixty (60) days following the date of termination of an agreement,
that is satisfactory in a form and substance to Employer, releasing any and all legal claims (known or unknown) Executive may have against
Employer or any or its Affiliates, Employer shall provide to Executive the following termination benefits (“Termination Benefits”):

 

(i)            A
severance payment (the “Severance Payment”) in an amount equal to the lesser of (x) twelve (12) months of Executive’s
Base Annual Salary or (y) the aggregate Base Annual Salary that would have been paid to Executive for the remainder of the Term of
the Agreement if such remaining Term is shorter than the aforementioned 12-month period, as the case may be (the “Termination Benefits
Period”); and

 

    6 

     

    

 

(ii)            continuation
during the Termination Benefits Period of group health plan benefits to the extent authorized by and consistent with 29 U.S.C. §
1161 et seq. (commonly known as “COBRA”), subject to payment of premiums by Executive at the active employee’s rate
and solely to the extent that such continuation will not subject Employer or its Affiliates to any tax or penalty under Section 105(h) of
the Internal Revenue Code of 1986, as amended (the “Code”) or the Patient Protection and Affordable Care Act (the “Health
Insurance Cost Sharing Benefit”).

 

Notwithstanding the foregoing provisions of this
Section 7(b) or any other provision of this Agreement to the contrary, (A) the Severance Payment and the Health Insurance
Cost Sharing Benefit that would otherwise be payable to Executive pursuant to this Section 7(b) shall be reduced by the amount
of any severance compensation or health insurance benefits that are due or are otherwise paid to Executive under any separate severance
compensation or change in control or similar agreement between Executive, on the one hand, and Employer or Employer's Parent, on the other
hand, or any severance pay or stay bonus plan of Employer or Parent (irrespective of when such agreement is entered into or such plan
becomes effective); (B) if Executive commences any employment with another employer during the Termination Benefits Period and that
other employer offers group health plan or health insurance benefits reasonably comparable to those available from Employer, then, the
Health Insurance Cost Sharing Benefit provided under paragraph 7(b)(ii) above shall cease to be payable as of the date of commencement
of such employment; and (C) nothing in this Section 7(b) shall be construed to affect Executive's right to receive COBRA
continuation entirely at Executive's own cost to the extent that Executive may continue to be entitled to COBRA continuation after the
Executive's Health Insurance Cost Sharing Benefit under this Section 7(b)(ii) ceases. Executive shall be obligated to give prompt
notice of the date of commencement of any employment during the Termination Benefits Period and shall respond promptly to any reasonable
inquiries concerning any employment in which Executive may be engaged during the Termination Benefits Period. The Termination Benefits
shall be paid by Employer in installments over the Termination Benefits Period in accordance with the customary payroll practices of Employer
(net of required deductions and withholdings); provided, that the first payment shall be made on the next regularly scheduled payroll
date following the sixtieth (60th) day after the date of termination and shall include payment of any amounts that would otherwise be
due prior thereto.

 

(c)            Termination
Upon Death. In the event of a termination of Executive’s employment due to death, Employer shall pay to Executive’s estate
an amount equal to one hundred percent (100%) of Executive’s Base Annual Salary at the rate in effect immediately prior to such
termination (the "Death Benefit"), less the amount of any life insurance benefits which Executive's estate or any of Executive's
beneficiaries receive under any Employer-provided life insurance plan or program in which Executive was participating at the time of his/her
death. Any Death Benefit payable pursuant to this Section 7(c) shall be paid in a lump sum payment (net of any tax and any other
required withholdings) to the beneficiary designated in writing by Executive, or if no beneficiary was designated, to his/her estate,
as soon as is practicable following Executive’s death and in no event later than the last day of the calendar year in which the
date of death occurs.

 

(d)            Exclusivity
of Termination Benefits. Executive shall not be entitled to any payments or benefits due to the expiration or termination of Executive’s
employment with Employer other than those benefits that are expressly provided for in this Section 7. Without limiting the generality
of the foregoing, the Termination Benefits set forth in Section 7(b), together with any severance benefits that Executive may be
entitled to receive under any separate severance compensation or change of control or stay-pay agreement to which Executive may be a party
or any separate severance or stay pay plan in which Executive may be a participant, shall constitute the exclusive rights and remedies
against Employer and its Affiliates to which Executive shall be entitled by reason of termination or Executive’s employment by Employer
without Cause or by Executive for Good Reason or for any damages arising therefrom.

 

    7 

     

    

 

8.            Protective
Covenants.

 

(a)            Certain
Definitions.

 

(i)            Confidential
Information. As used in this Agreement, “Confidential Information” means information belonging to Employer or any
of its Affiliates which is of value to Employer or any such Affiliates in the course of conducting any of their respective businesses
and the disclosure of which could result in a competitive or other disadvantage to Employer or any such Affiliates. Confidential Information
includes, without limitation, financial information, including financial statements and projections, business and expansion or growth
plans, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or
formulae; software; market or sales information or plans; customer lists and information regarding, or supplied to Employer or any of
its Affiliates by, any of their respective existing or prospective customers; supplier lists and information about, or provided to Employer
or any of its Affiliates by, any of their respective suppliers, vendors or consultants; information regarding the capabilities, duties
or compensation of employees of Employer or of any its Affiliates; and information regarding the business prospects and opportunities
of Employer or any of its Affiliates (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information
also includes information developed by Executive in the course of Executive’s employment by Employer, as well as other information
to which the Executive may have access in connection with Executive’s employment, and the confidential information of others with
which Employer has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the
public domain, unless such information entered the public domain as a result of a breach of any of Executive’s covenants under Section 8(b).
Executive acknowledges and agrees that Employer has a legitimate business interest in protecting the Confidential Information.

 

(ii)            Competing
Business. For purposes of this Agreement, the term “Competing Business” shall mean a business conducted anywhere
within forty (40) miles of any office or facility used by Employer or any of its Affiliates which is competitive with any business which
Employer or any of its Affiliates conducts or proposes to conduct at any time during Executive’s employment with Employer or any
of its Affiliates, including, without limitation, the commercial banking business and the investment advisory services business.

 

(b)            Confidentiality.

 

(i)            Executive
understands and agrees that Executive’s employment creates a relationship of confidence and trust between Executive and Employer,
including with respect to all Confidential Information, whether such Confidential Information exists on the date of this Agreement or
is created, developed or acquired or comes into being at any time during the term of this Agreement. Executive covenants and agrees that,
at all times (both during Executive’s employment with Employer and after its expiration or termination for any reason), Executive
will keep all Confidential Information in strict confidence and trust and will not disclose any of the Confidential Information to any
Person, and Executive covenants and agrees that he/she will not use any of the Confidential Information for Executive’s benefit
or the benefit of any Person other than Employer and Parent and their Affiliates.

 

    8 

     

    

 

(ii)            In
the event that Executive is requested or required (including by means of deposition, interrogatories, requests for information or documents
in legal proceedings, subpoena, civil investigative demand or other similar process or by a tribunal, court or regulatory agency, (including,
but not limited to, the DFPI and the FDIC)) having applicable jurisdiction, to disclose any of the Confidential Information, Executive
shall, unless prohibited by law or regulation, provide Employer with prompt written notice of any such request or requirement so that
Employer may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Section 8(b) with
respect to such requested or required Confidential Information. If, in the absence of a protective order or other remedy acceptable to
Employer or the receipt of a waiver from Employer, Executive is nonetheless legally required to disclose such Confidential Information
to any tribunal, court or government agency to avoid being held liable for contempt or suffering other censure or penalty, Executive may,
without thereby violating this Section 8(b) or incurring any liability to Employer hereunder, disclose only that portion of
the Confidential Information that Executive is legally required to disclose. In any case, Executive shall cooperate with Employer in any
efforts it may undertake to preserve the confidentiality of such Confidential Information, including, without limitation, by cooperating
with Employer’s efforts to obtain an appropriate protective order or other reliable assurance that confidential treatment will be
accorded the Confidential Information.

 

(c)            Documents,
Records, etc. All documents, records, data, apparatus, equipment and other physical property, including cell phones and computers,
and whether or not pertaining to Confidential Information, which are furnished to Executive by Employer or which are produced by Executive
in connection with Executive’s employment, will be and remain the sole property of Employer. Executive will return to Employer all
such materials and property as and when requested by Employer or if no request therefor has theretofore been made, then, immediately upon
the expiration or termination of Executive’s employment with Employer for any reason whatsoever. Executive covenants and agrees
that he/she will not retain any such materials or property or any copies thereof after any such expiration or termination of his/her employment
with Employer.

 

(d)            Noncompetition
Covenant. During the Term of this Agreement, Executive will not, directly or indirectly, whether as owner, partner, shareholder, consultant,
agent, employee, co-venturer, lender or creditor or otherwise, engage, participate, assist, support or invest in any Competing Business.

 

(e)            Non-Solicitation
Covenant. Executive covenants and agrees that, during the Term and for a period equal to eighteen (18) months after the Term or the
conclusion of Executive’s employment, he/she shall not, either on behalf of himself/herself or any other Person, directly or indirectly,
solicit or attempt to employ or hire or recruit or hire any Person who is, or during the prior twelve (12) months had been, an employee
or independent contractor of Employer, its Parent or any of their Affiliates or induce or influence any such employee or independent contractor
to leave the employ or service of Employer, Parent or any of their respective Affiliates.

 

(f)            Non-Interference
Covenant. Executive acknowledges that in connection with and in the course of his/her employment with Employer, Executive will have
access to trade secrets and other Confidential Information of Employer, Parent and their respective Affiliates, which Confidential Information
may include, without limitation, the identities of and information about the banking and other financial service needs and the investment
goals and plans of clients and customers of Employer, Parent or any of their respective its Affiliates. As a result of his/her employment
with Employer, Executive also will be given, by Employer, Parent or their Affiliates, the opportunity, resources and Confidential Information
which Executive will need to establish business relationships with existing and prospective clients and customers of Employer, Parent,
or their Affiliates, all for the exclusive benefit of Employer and Parent or their respective Affiliates. Accordingly, Executive covenants
and agrees that during the Term of his/her employment with Employer and for a period of eighteen (18) months following the termination,
for any reason whatsoever, of his/her employment with Employer (including any voluntary termination or any termination for Good Reason
by Executive or any termination by Employer with or without Cause), Executive shall not use any information that constitutes a trade secret
or Confidential Information of Employer, Parent or any of their Affiliates to directly or indirectly, personally or through others, (i) solicit
for or on behalf of any Person competing against Employer or its Affiliates, any existing or prospective client or customer of Employer,
Parent or any of their Affiliates, or (ii) encourage or induce any client, customer, supplier or vendor of or service provider to
Employer, Parent or any of their Affiliates to terminate or modify (in a manner adverse to any of them) the business relationship that
any such client, customer, supplier, vendor or service provider has with any of them.

 

    9 

     

    

 

(g)            Exception
for Ownership of Shares in Public Companies. Notwithstanding the foregoing covenants, Executive may own up to five percent (5%) of
the outstanding capital stock of a publicly traded corporation which constitutes or is affiliated with a Competing Business, provided
that Executive is a passive investor in that corporation and does not provide any assistance or support of any kind, financial or other
(other than his/her ownership of such capital stock) to or serve in any capacity with, such corporation or any of its Affiliates.

 

(h)            Certain
Acknowledgements. Executive (i) understands, acknowledges and agrees that each of the covenants and restrictions set forth, respectively,
in Subsections 8(b) through 8(f) above are intended to protect the interests of Employer, its Parent and their respective
Affiliates in their trade secrets and other Confidential Information and established client, customer, supplier, vendor, employee and
consultant relationships and the goodwill established by Employer, Parent or such Affiliates with or among their respective clients, customers,
suppliers, vendors, employees and consultants, (ii) acknowledges and agrees that this Section 8 imposes no greater restraint
or restriction on Executive than is reasonably necessary to protect the legitimate business interests of Employer, Parent and their Affiliates,
and such restrictions are reasonable and appropriate for this purpose and will not adversely affect Executive’s ability, following
a termination of his/her employment with Employer, to earn a livelihood from his/her chosen profession, and (iii) acknowledges that
the consideration received by him/her pursuant to this Agreement is good, valuable and adequate consideration in exchange for his/her
covenants and agreements contained in this Section 8.

 

(i)            Severability.
If any of the definitions contained in Section 8 or any of the covenants or agreements of Executive contained in Subsections 8(b),
8(c), 8(d), 8(e), or 8(f) above or in Subsections 8(j) or 8(k) below (collectively, the “Protective Covenants”)
is held by any court of competent jurisdiction to be unenforceable or unreasonable as to time, geographic coverage, or business limitation,
Executive and Employer agree that in any such instance that particular definition or that particular Protective Covenant, as the case
may be (the “Offending Provision”) shall be reformed to the maximum time, geographic area or business limitation (as the case
may be) that will permit it to be enforced under applicable law. The parties further agree that, in any such event, all of the remaining
definitions and Protective Covenants shall be severable, shall remain in full force and effect and shall be enforceable independently
of each other and a holding by a court of competent jurisdiction that any definition or Protective Covenant is unenforceable or unreasonable
to any extent shall not affect or impair the continued validity or enforceability of the other definitions or Protective Covenants contained
in this Section 8.

 

(j)            Third
Party Agreements and Rights. Executive hereby represents and warrants that he/she is not bound by the terms of any contract or other
agreement (written or oral) with any previous employer or other Person which restricts in any way Executive’s use or disclosure
of information or Executive’s engagement in any business. Executive further represents and warrants to Employer that Executive’s
execution and delivery of this Agreement, Executive’s employment with Employer and the performance of Executive’s duties for
Employer pursuant to this Agreement will not violate any obligations, contractual or other, that Executive may have to any such previous
employer or other Person. In Executive’s work for Employer, Executive will not disclose or make use of any information in violation
of any contracts or other agreements (written or oral) with or the rights of any such previous employer or other Person, and Executive
will not bring to the premises of Employer any copies or other tangible embodiments of non-public information belonging to or obtained
from any such previous employer or other Person.

 

    10 

     

    

 

(k)            Litigation
and Regulatory Cooperation. During and after the Term of this Agreement, Executive shall cooperate fully with Employer, Parent and
their Affiliates in the prosecution or defense of any claims or actions or other proceedings which has been or may be brought on behalf
of or against Employer, Parent or any of their Affiliates which relate to events or occurrences that transpired while Executive was employed
by Employer. Executive’s full cooperation in connection with such claims or actions shall include, but shall not be limited to,
being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of Employer, Parent or any of
their Affiliates at mutually convenient times. During and after the Term of this Agreement, Executive also shall cooperate fully with
Employer, Parent and their Affiliates in connection with any examination, investigation or review by any federal, state or local regulatory
authority which covers any period, or relates to events or occurrences that transpired, while Executive was employed by Employer. Executive
acknowledges that the performance by him/her of the covenants and duties set forth in this Section 8(k) during the term of this
Agreement are part of his/her duties under this Agreement and that he/she shall not be entitled to any compensation therefor that is separate
from or in addition to his/her compensation under this Agreement. If Executive performs any of the duties as required by this Section 8(k) after
the Term of this Agreement, as Executive’s compensation therefor, Employer shall reimburse Executive for any reasonable out-of-pocket
expenses incurred in connection with the performance by Executive of his/her duties under this Section 8(k).

 

(l)            Equitable
Remedies. Executive acknowledges and agrees that it would be difficult to measure the damages that Employer will sustain as a result
of any breach by Executive of any of the Protective Covenants or any of the other agreements of Executive contained in this Section 8
and that monetary damages, in and of themselves, would not be an adequate remedy for any such breach. Accordingly, Executive agrees that
if he/she breaches, or threatens to breach, any of the Protective Covenants or any of the other agreements of Executive contained in this
Section 8, Employer shall be entitled, in addition to all other rights or remedies that it may have under this Agreement or under
applicable law, to bring an equitable proceeding in any court of competent jurisdiction and, in any such proceeding, to be awarded (i) temporary,
preliminary and permanent injunctive relief to require Executive to halt any such breach, or to refrain from committing any threatened
breach (as the case may be), of any of such Protective Covenants or other agreements, and (ii) such other appropriate equitable remedies
to require Executive to comply with such Protective Covenants and other agreements, without having to show or prove any actual monetary
damages to Employer. Employer shall not be required to post a bond or monetary or other security as a condition to the issuance or continuation
of any such injunctive relief or the granting or continuance of such other equitable remedies provided for in this Section 8(l).

 

9.            Arbitration
of Disputes. Except as otherwise provided in Section 8(i) above and the last sentence of this Section 9 with respect
to equitable proceedings and remedies, any controversy or claim arising out of or relating to this Agreement, the performance or non-performance
(actual or alleged) by either party of any of such party's respective obligations hereunder or any actual or alleged breach thereof, or
otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims
of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be resolved exclusively
by binding arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of
the American Arbitration Association (“AAA”) in Orange County, California in accordance with the Employment Dispute Resolution
Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the
event that any Person other than Executive or Employer may be a party with regard to any such controversy or claim, such controversy or
claim shall be submitted to arbitration subject to such other Person’s agreement thereto. Judgment upon the award rendered by the
arbitrator in any such arbitration proceeding may be entered in any court having jurisdiction thereof. This Section 9 shall be specifically
enforceable. The reasonable fees and disbursements of the prevailing party's legal counsel, accountants and experts incurred in connection
with any such arbitration proceeding shall be paid by the non-prevailing party in such arbitration proceeding. Notwithstanding anything
to the contrary that may be contained in this Section 9, each party shall be entitled to bring an action in any court of competent
jurisdiction for the purpose of obtaining a temporary restraining order or a preliminary or permanent injunction or other equitable remedies
in circumstances in which such relief is appropriate.

 

    11 

     

    

 

10.           Miscellaneous.

 

(a)            Entire
Agreement. This Agreement constitutes the entire agreement between the parties relating to the subject matter hereof and supersedes
all prior agreements, whether written or oral, between the parties with respect to that subject matter.

 

(b)            Assignment;
Successors and Assigns, etc. Neither Employer nor Executive may make any assignment, in whole or in part, of this Agreement or
any interest herein, by operation of law or otherwise, or delegate any of their respective duties hereunder, without the prior written
consent of the other party; provided, however, that Employer shall be entitled to assign this Agreement and delegate its
duties under this Agreement, without the consent of Executive, in the event that Employer shall consummate a reorganization, consolidate
or merge with or into any other Person, or sell or otherwise transfer all or substantially all of its assets to any other Person. Subject
to the foregoing restrictions on assignment, this Agreement shall inure to the benefit of and be binding on Employer and Executive, and
their respective successors, executors, administrators, heirs and permitted assigns.

 

(c)            Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or
the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted
by law. Notwithstanding the foregoing, the provisions of Section 8(f), and not the provisions of this Section 10(c), shall apply
to the covenants and other agreements contained in and the provisions of Section 8 hereof.

 

(d)            Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party
to require the performance of any term or obligation of this Agreement, or the waiver by any party of any right or obligation under or
breach of this Agreement, shall not prevent any subsequent enforcement of such term, right or obligation or be deemed a waiver of any
prior or subsequent breach of the same obligation.

 

(e)            Notices.
Any notices, requests, demands and other communications provided for by this Agreement ("Notices") shall be sufficient if in
writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage
prepaid, return receipt requested, to Executive at the last address Executive has filed in writing with the Employer or, in the case of
any Notice to be given to Employer, at its main offices, attention of the Chief Executive Officer, and shall be effective on the date
of delivery in person or by courier or three (3) days after the date such Notice is mailed by registered or certified mail, postage
prepaid and return receipt requested (whether or not the requested receipt is returned).

 

(f)            Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Employer.

 

    12 

     

    

 

(g)            Interpretation
and Construction of this Agreement. This Agreement is the result of arms-length bargaining by the parties, each party was represented
by legal counsel of such party's choosing in connection with the negotiation and drafting of this Agreement and no provision of this Agreement
shall be construed against a party, due to an ambiguity therein or otherwise, by reason of the fact that such provision may have been
drafted by counsel for such party. For purposes of this Agreement: (i) the term "Person" shall mean, in addition
to any natural person, a corporation, limited liability company, general or limited partnership, joint venture, trust, estate or any other
entity; (ii) when used with reference to Employer, the term “Affiliate” shall mean any Person that controls, is
controlled by or is under common control with Employer and shall include Parent and its other subsidiaries; (iii) the term "including"
shall mean "including without limitation" or "including but not limited to"; (iv) the term "or"
shall not be deemed to be exclusive; and (v) the terms "hereof," "herein," "hereinafter,"
 "hereunder," and "hereto," and any similar terms shall refer to this Agreement as a whole and not to
the particular Section, paragraph or clause in which any such term is used, unless the context in which any such term is used clearly
indicates otherwise.

 

(h)            Governing
Law. This Agreement is being entered into and will be performed in the State of California and shall be construed under and be governed
in all respects by and enforced under the laws of the State of California, without giving effect to the conflict of laws principles of
such State.

 

(i)            Headings.
The Section and paragraph headings in this Agreement are inserted for convenience of reference only and shall not affect, nor shall
be considered in connection with, the construction or application of any of the provisions of this Agreement.

 

(j)            Counterparts.
This Agreement may be executed in any number of counterparts, and each such executed counterpart, and any photocopy or facsimile copy
thereof, shall constitute an original of this Agreement; but all such executed counterparts and photocopies and facsimile copies thereof
shall, together, constitute one and the same instrument.

 

11.            Section 409A

 

(a)            The
parties agree that this Agreement shall be interpreted to comply with or be exempt from Section 409A of the Code and the Treasury
regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and all provisions of this
Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A.
In no event whatsoever will Employer be liable for any additional tax, interest or penalties that may be imposed on Executive under Code
Section 409A or any damages for failing to comply with Code Section 409A.

 

(b)            A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits considered “nonqualified deferred compensation” under Code Section 409A upon or following
a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A
and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment”
or like terms shall mean “separation from service.” If Executive is deemed on the date of termination to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision
of any benefit that is considered nonqualified deferred compensation under Code Section 409A payable on account of a “separation
from service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the expiration of
the six (6)-month period measured from the date of such “separation from service” of Executive, and (ii) the date of
Executive’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed
pursuant to this Subsection 11(b) (whether they would have otherwise been payable in a single sum or in installments in the
absence of such delay) shall be paid or reimbursed on the first business day following the expiration of the Delay Period to Executive
in a lump sum and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal
payment dates specified for them herein.

 

    13 

     

    

 

(c)            With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code
Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not
affect the expenses eligible for reimbursement, or in-kind benefits, to be provided in any other taxable year, and (iii) such payments
shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred. For
purposes of Code Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated
as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with
reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”),
the actual date of payment within the specified period shall be within the sole discretion of Employer.

 

[signature page follows]

 

    14 

     

    

 

IN WITNESS WHEREOF, this Agreement
has been executed by Employer and by Executive as of the Effective Date.

 

	EMPLOYER:	 
	 	 
	FIRST FOUNDATION BANK	 
	 	 
	By:	/s/ Scott F. Kavanaugh	 
	Name: Scott F. Kavanaugh	 
	Title: Chief Executive Officer	 
	 	 
	 	 
	EXECUTIVE	 
	 	 
	/s/ Amy Djou	 
	Name: Amy Djou	 

 

    15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]