Employment Offer Letter, dated April 27, 2010, from First Standard Bank to Kathrine Duncan2
Exhibit 10.5
| | Corporate Headquarters 1000 Wilshire Blvd., Ste. 100 Los Angeles, CA 90017 | |
| April 27, 2010 | Tel) 213 ###-###-#### Fax) 213 ###-###-#### www.firststandardbank.com | |
Kathrine Duncan
1029 Easthills Drive
West Covina, CA 91791
Re: Offer Letter
Dear Ms. Duncan:
On behalf of First Standard Bank, I am pleased to offer you the position of Senior Vice President & Chief Administrative Officer, reporting to the President/Chief Executive Officer. This position is an important one to our organization and we look forward to you contributing your experience and expertise.
| 1. | Base Salary. Your annualized gross salary will be $110,000 ($4,583.33 bi-monthly gross). We are paid on the 15th and last day of the month. |
| 2. | Stock Option. You will be allocated 30,000 Shares of stock options vesting equally over five years on your anniversary date. |
| 3. | Vacation. You will receive three (3) weeks paid vacation annually accrued at a rate of 5 hours per pay period. |
| 4. | Benefits. You will be eligible for Health benefits of medical, dental, vision, and life insurance and 401(k) Retirement Plan on the first of the month following your start date (May 1, 2010). |
| 5. | Performance Incentive Plan. You will be eligible for a discretionary bonus tied to the Bank making a profit and meeting annual bank and individual goals. |
During your employment you will have access to confidential and proprietary information, which we consider private and protect adamantly. We also resolve any dispute between you and us by arbitration. Therefore, this offer is conditioned on your execution and delivery of an Arbitration Agreement, which is enclosed with this letter (or will be provided prior to employment). Your employment is also contingent upon the successful completion of the background and reference checks, as well as being able to establish your identity and authorization to work in the United States on your first day of work. We are an at-will organization, which means either party may terminate the relationship at any time with or without cause and with or without notice.
I am delighted to extend this offer to you and look forward to working together. Please indicate your acceptance of this offer by signing one copy of this letter and completing the Arbitration Agreement. The terms of this offer supersede any prior representation or terms, whether expressed orally or in writing. If you have any questions regarding this application, please contact Jackie Shin at ###-###-####.
Sincerely,
/s/ Min Kim
Min Kim
President and Chief Executive Officer
| Acceptance: | ||||
| /s/ Kathrine Duncan |
| 4/27/10 | ||
| Kathrine Duncan | Date | |||
