SEC Contract Filing

Filing Date: 2024-11-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>ex_750578.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"><b>Exhibit 10.5</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 101pt;">FIRST AMENDMENT OF EMPLOYMENT AGREEMENT</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 6pt;text-indent:36pt;">This First Amendment of Employment Agreement ("First Amendment") is made and effective as of this<u>&nbsp; &nbsp;20th&nbsp;&nbsp;</u> day of<u> November</u> 2024, by and between ROYAL BUSINESS BANK<sup style="vertical-align:top;line-height:120%;"> </sup>("Bank"), RBB BANCORP (the &#8220;Company&#8221;) and MR. JOHNNY LEE ("Executive"). This First Amendment is made with specific reference to the following facts:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 101pt;"><u>RECITALS</u></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 6pt;text-indent:36pt;">Company, Bank and Executive entered into that certain Employment Agreement dated July 20, 2023 ("Agreement&#8221;), pursuant to which Executive was retained. Company, Bank and Executive desire to enter into this First Amendment in order to amend the first paragraph, the first paragraph of Paragraph F.4(a), and Paragraph J.2.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 6pt;text-indent:36pt;">NOW, THEREFORE, for and in consideration of the foregoing recitals and the Terms and Conditions contained in this First Amendment, the parties agree as follows:</p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>The first paragraph of the Agreement is hereby amended to read in full as follows</b>:</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 60pt;">&#8220;THIS EMPLOYMENT AGREEMENT is effective as of&nbsp; <u>&nbsp; &nbsp;November 20&nbsp; &nbsp;</u>, 2024 between ROYAL BUSINESS BANK, a California state banking corporation (the &#8220;Bank&#8221;), RBB BANCORP, (the &#8220;Bancorp&#8221;), a California corporation, (collectively referred to as the &#8220;Company&#8221;<b>) </b>with their principal offices at 1055 Wilshire Boulevard, 12<sup style="vertical-align:top;line-height:120%;">th </sup>floor, Suite 1200, Los Angeles, California 90017 (hereinafter &#8220;Bank&#8221;), and JOHNNY LEE (hereinafter &#8220;Executive&#8221;) whose principal office is at 1055 Wilshire Boulevard, 12<sup style="vertical-align:top;line-height:120%;">th </sup>floor, Suite 1200, Los Angeles, California 90017. Executive may be carried on the records of the Bank as an employee and Executive&#8217;s compensation shall be paid by the Bank, subject to the Bank&#8217;s right of reimbursement from the Bancorp under other agreements to which the Executive is not a party.&#8221;</p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>The first paragraph of Paragraph F.4(a) is hereby amended to read in full as follows:</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 60pt;">&#8220;4. <u>Change of Control</u></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 60pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;Except for termination for Cause (pursuant to Section F.3 hereof), disability or death (pursuant to Section F.2 hereof), after the occurrence of a Change in Co