2010 Executive Retention and Severance Plan Summary between Hanmi Financial Corporation and Executive Officers (Excluding CEO)
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Retention Agreements
Summary
Hanmi Financial Corporation has established a retention and severance plan for its executive officers, excluding the CEO, in connection with a securities purchase agreement with Woori Finance Holdings, Inc. Eligible executives will receive a lump sum payment equal to three months of their base salary if they remain employed through November 1, 2010 or until their employment ends, whichever comes first. If an executive is terminated within 12 months after the transaction closes, they will receive a severance payment equal to three months of base salary and three months of medical insurance.
EX-10.2 2 v56948exv10w2.htm EX-10.2 exv10w2
Exhibit 10.2
Summary of 2010 Executive Retention Plan
Subject to appropriate regulatory approvals, the securities purchase agreement with Woori Finance Holdings, Inc. (“Woori”) permits Hanmi Financial Corporation to adopt a severance and retention plan for officers and directors providing payments in connection with their severance or continued service to us through the closing date of the transactions with Woori. Our severance and retention plan provides that each of our executive officers, other than our Chief Executive Officer, Mr. Yoo, will be entitled to a retention lump sum payment equal to 3 months of their current base salary on November 1, 2010 or the termination of their employment, whichever occurs first. In the case of any termination of our executive officers within 12 months of closing of the transactions contemplated by the securities purchase agreement, each of our executive officers, other than Mr. Yoo, will receive a severance lump sum payment equal to 3 months of their current base salary and 3 months of medical insurance.
