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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