Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 28, 2021, PCB Bancorp, a California corporation (the "Company"), the bank holding company for Pacific City Bank (the "Bank"), entered into a second amendment to its employment agreement with Henry Kim, President and Chief Executive Officer of the Company and the Bank (the "Amendment"). Under the Amendment, Mr. Kim will be paid an initial annual base salary of $450,000 and will be awarded, on January 1, 2022, 25,000 restricted stock awards with vesting to occur ratably over five years with the first 20% vesting on the first anniversary of the grant date. The Amendment also modified the benefit owed to Mr. Kim if he is Terminated Without Cause, as defined in the employment agreement. In such event, the Bank shall continue to provide his base salary then in effect, upon terms and at such times as described in the employment agreement, as follows: (i) if at least six months are remaining in the Term, his salary shall continue for a period not to exceed one year; and (ii) if less than six months are remaining in the Term, his salary shall continue for six months. Previously, Mr. Kim's employment agreement provided for six months of salary if at least six months remained in the Term, and if less than six months remained, he would receive salary equivalent to the number of months remaining if Mr. Kim was Terminated Without Cause.


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