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This excerpt taken from the HAFC DEF 14A filed Apr 20, 2007. Employment
Agreements
We entered into a six-year employment agreement with
Dr. Sung Won Sohn effective January 3, 2005. Under the
terms of the agreement, Dr. Sohn serves as President and
CEO of both Hanmi Financial and Hanmi Bank, our subsidiary, at a
base annual salary of $550,000 with annual CPI adjustment. In
addition, Dr. Sohn is eligible to receive an annual
incentive bonus based on pre-tax profitability of Hanmi
Financial in an amount not to exceed 125 percent of his
annual salary. The agreement also provides for a stock bonus
grant of 100,000 shares with a vesting schedule under which
20,000 shares vest each year. Dr. Sohn has received
two separate stock option grants to acquire 150,000 and
200,000 shares, respectively. The shares subject to each
option vest in equal annual installments over six years.
Dr. Sohn is entitled to the grant of an additional option
to acquire 200,000 shares at the shares’ market price
if either Hanmi Financial’s stock price doubles or its
earnings per share double, with the grant of an additional
option to acquire 200,000 shares at the shares’ market
price if either Hanmi Financial’s stock price quadruples or
its earnings per share quadruple. Dr. Sohn is entitled to
certain health insurance benefits and a term life insurance
policy, which are not available to other salaried employees.
Either Dr. Sohn or Hanmi Financial
and/or Hanmi
Bank may terminate the employment agreement without cause at any
time. If Hanmi Financial
and/or Hanmi
Bank terminates employment without cause or if Dr. Sohn
resigns on account of constructive termination, as defined in
the agreement: (i) Hanmi Bank must provide Dr. Sohn
his base salary for the remaining duration of the term of the
agreement; (ii) any outstanding options for the
350,000 shares or stock bonus grant at the termination date
shall continue to vest and be treated as if Dr. Sohn had
continued to deliver services to Hanmi Financial and Hanmi Bank;
and (iii) Hanmi Financial shall continue to pay health
insurance premiums for him and his family for the duration of
the term of the agreement. If Dr. Sohn resigns and it is
not considered constructive termination, he is entitled to
continued vesting of the stock option for 150,000 shares
and the stock bonus grant.
Table of Contents
This excerpt taken from the HAFC DEF 14A filed Apr 25, 2006. Employment
Agreements
The Company entered into a six-year employment agreement with
Dr. Sung Won Sohn effective January 3, 2005. Under the
terms of the agreement, Dr. Sohn serves as President and
Chief Executive Officer of both the Company and Hanmi Bank, the
Company’s subsidiary, at a base annual salary of $550,000
with annual CPI adjustment. In addition, Dr. Sohn is
eligible to receive an annual incentive bonus based on pre-tax
profitability of the Company in an amount not to exceed 125% of
his annual salary. The agreement also provides for a stock bonus
grant of 100,000 shares with a vesting schedule under which
20,000 shares vest each year. Dr. Sohn has received
two
grants of two stock options to acquire 150,000 and
200,000 shares, respectively. The shares subject to each
option vest in equal annual installments over six years.
Dr. Sohn is entitled to the grant of an additional option
to acquire 200,000 shares at the shares’ market price
if either the Company’s stock price doubles or its earnings
per share double, with the grant of an additional option to
acquire 200,000 shares at the shares’ market price if
either the Company’s stock price quadruples or its earnings
per share quadruple. Dr. Sohn is entitled to certain health
insurance benefits and term life insurance policy, which are not
available to other salaried employees. Either Dr. Sohn or
the Company
and/or Hanmi
Bank may terminate the employment agreement without cause at any
time. If the Company
and/or Hanmi
Bank terminates employment without cause or if Dr. Sohn
resigns on account of constructive termination, as defined in
the agreement: (i) Hanmi Bank must provide Dr. Sohn
his base salary for the remaining duration of the term of the
agreement; (ii) any outstanding options for the
350,000 shares or stock bonus grant at the termination date
shall continue to vest and be treated as if Dr. Sohn had
continued to deliver services to the Company and Hanmi Bank; and
(iii) the Company shall continue to pay health insurance
premiums for him and his family for the duration of the term of
the agreement. If Dr. Sohn terminates without cause, he is
entitled to the continued vesting of the stock option for
150,000 shares and the stock bonus grant.
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