CONSULTING AGREEMENT Soo Bong Min
Soo
Bong Min
This
Consulting Agreement is made effective upon January 1, 2008, and is made by
and
between Wilshire State Bank (herein referred to as “Bank”) and Soo Bong Min
(herein referred to as “Min”) as follows:
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1.
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Termination
of the Employment Agreement.
Min has tendered the resignation of the current Employment Agreement
effective December 31, 2007, as President, CEO and Director of Wilshire
State Bank and Wilshire Bancorp. Both parties hereby agree to terminate
the current Employment Agreement which was executed on April 5,
2006.
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2.
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Terms
of the Consulting Agreement.
The term of this agreement shall be seventeen (17) months from its
effective date. Min shall be compensated the monthly consulting fee
of
Twenty Thousand Eight Hundred Thirty Four Dollars ($20,834) for performing
financial consulting services for the Bank, unless this agreement
is
terminated due to the breach of this Consulting Agreement (“Agreement”) by
Min. The Bank will issue a Form 1099 for the consulting fee. Min
acknowledges that because Min is not an employee of the Bank after
January
1, 2008, Min will not be entitled to receive any of the benefits
of
employment which Bank employees may receive.
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3.
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No
Solicitation of Employees.
In consideration for this Consulting Agreement which the Bank has
provided
to Min, Min voluntarily agrees that during the duration of his financial
consulting services for the Bank and for a period of three (3) years
subsequent to the termination of this Consulting Agreement, whether
voluntary or involuntary, Min will not solicit, entice, encourage,
attempt
or cause, directly or indirectly, any Bank employee to leave the
employment of the Bank.
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4.
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No
Competition and Solicitation of Customers.
In consideration for this Consulting Agreement which the Bank has
provided
to Min, Min has voluntarily agreed that during his financial consulting
services for the Bank and for a period of three (3) years subsequent
to
the termination of this Consulting Agreement, he will not accept
employment with or enter into any other consulting or independent
contractor relationship with a competing financial institution.
Furthermore, Min agrees that, during this Consulting Agreement and
for a
period of three (3) years following the termination of this agreement
with
the Bank, whether such termination is voluntary or involuntary, Min
shall
not directly or indirectly make known to any person, firm or corporation
the names and addresses of any of the Bank’s customers (“Customers”) or
any information pertaining to them. For the purpose of this Agreement,
Customers include: (1) anyone who is a customer of the Bank on the
date
Min signs this Agreement or who becomes a customer of the Bank during
the
period which Min is to provide financial consulting services for
the Bank.
Min also agrees that Min will not solicit or attempt to solicit any
of the
Bank’s Customers for whom Min provided services or with whom Min became
acquainted during Min’s employment with the Bank either for Min or for any
other person, firm, or corporation.
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5.
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Arbitration.
Min and the Bank agree to submit any controversy or claim arising
out of,
or relating to this Agreement or the breach thereof, to final and
binding
arbitration in the City of Los Angeles, State of California, in accordance
with the rules of the American Arbitration Association. A judgment
upon
the award rendered may be entered in any court having jurisdiction
thereof.
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6.
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Notices.
Any notice required or permitted to be given hereunder shall be in
writing
and delivered by ordinary mail or served personally, addressed to
Bank or
Min, as the case may be, at the address set forth after their signatures
below or as may be changed from time to time by notice given to the
other
party.
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7.
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Partial
Invalidity.
If any provision of this Agreement is held by a court of competent
jurisdiction or by arbitration, to be invalid, void, or unenforceable,
the
remaining provisions shall nevertheless continue in full force without
being impaired or invalidated in any way.
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8.
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Indemnification.
In return for this Agreement, Min agrees to fully and finally release
Wilshire State Bank, and each of its related organizations, and all
of
their respective past and present directors, officers, agents, and
employees, and anyone connected with any of them from any and all
claims,
causes of action, lawsuits, charges, liabilities, and the like, known
or
unknown, which Min may have or may have at any time before had against
my
of them. This release includes, without limiting its general nature,
any
such claims which arise out of or are related to Min’s employment or the
termination of that employment, including, for example, any and all
claims
arising under California’s Fair Employment and Housing Act, Title VII of
the Civil Rights Act of 1964, the Age Discrimination in Employment
Act,
the American with Disabilities Act, or any other state, federal,
or local
law, regulation Executive Order, statute, public policy, or common
law
governing the employment relationship. In addition, the Bank agrees
to
indemnify Min to the fullest extent permitted by law, for any and
all
claims, causes of action, lawsuits, charges or liabilities which
may arise
out of the performance of his obligations as an independent contractor
of
the Bank as described herein.
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9.
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Enforcement.
Both Min and Bank acknowledge they have had the opportunity to consult
with legal counsel regarding the terms and provisions of this Agreement.
If arbitration or legal action is employed to enforce any of the
provisions hereof, the parties hereto agree that the prevailing party
shall be entitled to recover all reasonable costs and attorneys’
fees.
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IN
WITNESS WHEREOF, the parties have executed this Consulting Agreement on December
19, 2007.
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WILSHIRE
STATE BANK
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By:
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/s/
Xxxxxx Xxx
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/s/
Soo Bong Min
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Xxxxxx
Xxx, Chairman of the Board
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Soo
Bong Min
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0000
Xxxxxxxx Xxxxxxxxx
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Xxx
Xxxxxxx, Xxxxxxxxxx 00000
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