|
EXHIBIT 10.5
CENTER FINANCIAL CORPORATION AND CENTER BANK
AGREEMENT CONCERNING COMPENSATION PROVISIONS
WHEREAS, Lonny D. Robinson ("Executive") was granted
certain severance and other compensation by the Personnel and
Compensation Committee of Center Financial Corporation and Center
Bank (collectively referred to herein as the "Company") on
May 14, 2008, in connection with Executive’s employment
by the Company as Executive Vice President and Chief Financial
Officer (the "Compensation Provisions");
WHEREAS, the parties desire to amend the Compensation
Provisions in order to comply with the terms and conditions of the
TARP Program as discussed below;
NOW, THEREFORE , the parties hereto agree that the
following shall take effect as of the date hereof:
|
|
12.
|
Center Financial Corporation
("Center Financial"), has entered or intends to enter into
agreements with the U.S. Treasury Department ("UST") under which
Center Financial will issue preferred shares and other securities
to the UST as part of the Troubled Assets Relief Program Capital
Purchase Program ("CPP") established under the Emergency Economic
Stabilization Act of 2008 ("EESA"). Executive is a Senior Executive
Officer (as such term is defined under EESA), has determined that
Center Financial’s participation in the CPP will be of
material benefit to Executive, approved Center Financial’s
participation in the CPP, requested that Center Financial
participate in the CPP and agrees to abide by all terms of EESA
restricting payment of compensation to Executive.
|
|
|
13.
|
EESA imposes certain restrictions on
employment agreements, severance, bonus and incentive compensation,
stock options and awards, and other compensation and benefit plans
and arrangements ("Plans") maintained by Center Financial and its
affiliates and requires that such restrictions remain in place for
so long as the UST holds any debt or equity securities issued by
Center Financial. The parties hereby agree that all Plans providing
benefits to Executive shall be construed and interpreted at all
times that the UST maintains any debt or equity investment in
Center Financial in a manner consistent with EESA, and all such
Plans shall be deemed to have been amended as determined by the
Company so as to comply with the restrictions imposed by EESA.
Executive recognizes that such c
|
|
