On March 28, 2022, Hope Bancorp, Inc. (“the Company”) and Bank of Hope (“the Bank”) entered into a Third Amended and Restated Employment Agreement (Agreement), effective as of March 28, 2022, with Mr. Kevin S. Kim with respect to his service as the Chief Executive Officer of both the Company and the Bank. The agreement replaces Mr. Kim's existing employment agreement entered into with the Company on April 27, 2017. Mr. Kim will be employed as the Chief Executive Officer and President of the Company and the Bank during the term of the Agreement and will report in such capacities to the boards of directors of the Company and the Bank, respectively.

Mr. Kim has agreed that he will serve as a director of the Company and the Bank during the term of the Agreement and the Company has agreed that it will use all reasonable efforts to cause Mr. Kim to be nominated for reelection as a director during such term. The Agreement commences as of March 28, 2022 and continues through March 31, 2027, and the term is subject to annual twelve-month extensions unless the Company or Mr. Kim gives a notice of non-renewal to the other not less than 60 days prior to the end of the initial term or the relevant renewal term, and provided that the term may not be extended beyond March 31, 2029.