Exhibit 10.1

September 18, 2020

Sang Kyo Oh

2745 Maricopa St. Torrance, CA 90503

Dear Sang Oh,

On behalf of Open Bank, I am pleased to offer you the position of Executive Vice President & Chief Credit 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. Start        date. October 19, 2020 at 9AM in the corporate office, suite 500.

2.   Base Salary. Your annualized gross base salary will be $250,000. We are paid semi- monthly on the 5th and 20th of the month.

3. Restricted Stock Units.  You will be granted with 45,000 RSU with a 5-year graded vesting schedule from the grant date, contingent on Board Approval (TBD) and upon creation of a new equity plan in 2021.

4. Cell Phone Allowance. You will receive a cell phone allowance of $200 per month, paid semi-monthly.

5.   Paid Time Off (“PTO”). You will receive 5 weeks of paid time off (vacation and sick leave) per year, prorated per pay period.

6. Benefits. You will be eligible for health benefits of medical, dental, vision and life/LTD insurance on the first day of the month following your hire date and the 401(k) Plan on the first day of the month following 90 days of employment.

7. Management Incentive Plan. You will be eligible to participate in the Management Incentive Plan (MIP) starting Plan Year 2021, which is a cash incentive program tied to performance of the individual and the Bank.

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 a Dispute Resolution Agreement.  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.  The first 90 days of your employment will be considered an introductory period. However, both during, and upon the conclusion of your introductory period, employment with Open Bank is at-will. This means that the terms and conditions of your employment may be changed with or without notice, with or without cause, including, but not limited to termination, demotion, promotion, transfer, benefits, duties and location of work. There is no express or implied agreement between Open Bank and yourself for continued or long-term employment. No representative of Open Bank has the authority to alter this at-will relationship.

I am delighted to extend this offer to you and look forward to working together. Please indicate your acceptance of this offer by signing the offer letter, and dispute resolution agreement, as well as, returning the employment application. The terms of this offer supersede any prior representation or terms, whether expressed orally or in writing. If you have any questions regarding benefits, please contact Kristy Kang at 213.892.1136.

Sincerely,

Min J. Kim

President & Chief Executive Officer

Acceptance:

Attachments: I-9 requirements, Application, Dispute Resolution Agreement

Exhibit 10.2

GENERAL RELEASE

This Separation Agreement/General Release (“Agreement”) is made by and between OP Bancorp/Open Bank, (including each of the Releasees referenced below unless otherwise noted) (the “Company”) and Steve Park (“Employee”) in complete, final, and binding settlement of all claims and potential claims, if any, with respect to their employment relationship. The Company and Employee may collectively be referred to herein as the “Parties.”

ONE: Agreement

This Agreement is based upon the following:

A.       Employee and Company have agreed to terminate their employment relationship. Although the Company has no obligation to provide the Employee with any kind of separation pay, it is prepared to assist the Employee with his employment transition.

B.       Employee’s last day of employment with the Company is October 15, 2020 (the “Termination Date”). The Parties agree that Employee has no authority to act on behalf of the Company after the Termination Date. On the Termination Date, the Company will pay all accrued salary, and all accrued and unused PTO earned through the Termination Date, subject to all required payroll deductions and withholding. The Employee is entitled to these payments regardless of whether or not he signs this Agreement.

TWO: Consideration

A.       Separation Pay.   Employee shall  be paid a Separation Pay of $285,000, the equivalent of 1 year of Employee’s current base salary, less standard payroll deductions and withholding, pursuant to the Agreement’s terms, after the date of the expiration of any and all applicable revocation periods specified in Paragraph FIVE below (provided that Employee has not exercised any applicable revocation right specified in Paragraph FIVE). The Separation Pay is in the nature of severance pay and not for any work performed for the Company, and therefore shall not result in the accrual or payment of holiday pay, vacation pay, accrual of any kind of similar benefit, or any other additional benefits.

B.       COBRA. The Employee’s group health insurance will cease on October 31, 2020. The Company will pay Employee’s health insurance premium for the plans equaling his current tier/coverage to continue through April 30, 2021, in accordance with the federal Consolidated Omnibus Budget Reconciliation Act.

C.       No Further Compensation.  The separation payment provided under this Section TWO shall be referred to as “Severance Payment.” Employee acknowledges and agrees that, except for the Severance Payment, Employee is not entitled to earn or receive any further compensation, payments or benefits from the Company (including, without limitation, vacation pay, sick pay, floating holiday pay, or any other Company benefits), whether it be for the period of Employee’s employment prior to the Termination Date or otherwise.   Employee further

acknowledges and agrees that but for this Agreement, Employee would not be entitled to the

Severance Payment.

THREE: Complete Release

A.       General Release.   As a material inducement to the Company to enter into this Agreement and to provide the Severance Payment, Employee hereby irrevocably and unconditionally releases, waives and discharges the Company and each and all of the Company’s owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, former employees, representatives, attorneys, accountants, benefit plans, insurers, parent companies, divisions, subsidiaries, affiliates (and owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, accountants, benefit plans and insurers of such parent companies, divisions, subsidiaries and affiliates) and all persons acting by, through, or under or in concert with any of them (collectively “Releasees”) from any and all individual, class, and/or representative claims, causes of action, demands, complaints and liabilities (including but not limited to attorney’s fees) of any kind whatsoever, whether now known or unknown, suspected or claimed, which Employee has or may claim to have against any Releasee relating to or arising out of any matter or thing which occurred on or prior to the date of execution of this Agreement, including, without limitation, any and all individual, class, and/or representative claims arising out of or relating to Employee’s employment with the Company and/or Employee’s employment separation. The released, waived, and discharged claims also include, but are not limited to individual, class and/or representative claims of any kind for unfair competition, wrongful discharge, constructive discharge, defamation, invasion of privacy, infliction of emotional distress, misrepresentation or fraudulent inducement, breach of any express or implied contract, claims arising under any Company handbook, manual, policy, or practice, any other claims for severance pay, attorney’s fees and costs, expenses, bonuses, back pay, future wage loss, and front pay, claims for wages, overtime, compensation, commissions, bonuses, or pay of any kind purportedly due to Employee for work performed during any and all periods of time prior to the date of this Agreement, as well as all associated liquidated damages, premiums, penalties, and interest, whether such claims are known or unknown, under any theory of law, including state law and federal law, claims for benefits under any employee benefit plan or program, claims for a breach of an implied covenant of good faith and fair dealing, claims for interference with contract, negligence, or claims under any other federal, state, municipal, or local insurance, human rights, civil rights, wage-hour, pension, or labor laws, rules or regulations, public policy, contract or tort laws, or any claim of retaliation under such laws, or any claim arising under common law, or under the constitution or any amendments thereto, or any other claim which could be asserted against the Releasee(s) or which arise out of the Employee’s employment relationship with the Company or the termination of that employment relationship.

B.       Release of Federal & State Statutes. The released, waived, and discharged claims also include, but are not limited to, all individual, class and/or representative claims of any kind arising under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act; the Equal Pay Act; the Employee Retirement Income Security Act (ERISA), as amended; the Age Discrimination in Employment Act of 1974, as amended; the Family and Medical Leave Act; the Fair Labor Standards Act; the Worker Adjustment and Retraining Notification Act (WARN Act); the Reconstruction Era Civil Rights Act, as amended; the Sarbanes-Oxley Act; the Occupational Safety and Health Act; the Health Insurance Portability

and Accountability Act; the California Fair Employment and Housing Act; the California Family Rights Act; the California Labor Code (including, without limitation, Section 132a and Sections 1400-1408); the California Business & Professions Code Section 17200 et seq.; or any other federal, state, municipal and/or local statutes, regulations, or ordinances of any kind.

C.       Release of Monetary Recovery for Claims Brought on Employee’s Behalf. This release covers not only any and all individual, class and/or representative claims Employee ever had or now has against any Releasee, but it also covers any such claim for a monetary recovery asserted on Employee’s behalf by any other person or entity, including, without limitation, any government agency, and Employee waives the right to any such monetary recovery.

D.       To the extent Employee releases persons or entities not signatory to this Agreement, Employee acknowledges and agrees that Employee’s general release is made for each of their benefit and use.

E.       The Company and Employee acknowledge and agree that Employee’s general release does not cover any claims that cannot lawfully be waived or released by Employee.

FOUR: Waiver of Known and Unknown Claim, Including A Specific Waiver of

California Civil Code Section 1542

Employee expressly waives all rights afforded by any statute (such as Section 1542 of the Civil Code of the State of California or any other comparable state statute) which limits the effect of a release with respect to unknown claims.   Employee understands the significance of Employee’s release of unknown claims and Employee’s waiver of statutory protection against a release of unknown claims (such as under Section 1542 of the California Civil Code or under any other comparable state statute). For instance, Employee expressly waives any and all rights and benefits under Section 1542 of The Civil Code of the State of California, which states as follows:

A GENERAL   RELEASE   DOES   NOT   EXTEND   TO   CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

Employee hereby specifically acknowledges and agrees that Employee’s waiver of known and unknown claims and of Section 1542 of the Civil Code of the State of California is knowing and voluntary.

FIVE: Acknowledgment   of   Rights   and   Waiver   of   Claims   Under   the   Age

Discrimination In Employment Act (“ADEA”)

Employee acknowledges and agrees that Employee is knowingly and voluntarily waiving and releasing any rights Employee may have under the Age Discrimination in Employment Act of

1967 (“ADEA”) and pursuant to the Older Workers Benefit Protection Act. Employee also acknowledges that the consideration given for the waiver and release in this Agreement is in addition to anything of value to which Employee already is entitled, and that, but for this

Agreement, Employee would not be entitled to the consideration set forth in Section TWO of this Agreement. Employee further acknowledges that Employee has been advised by this writing that: (a) Employee’s waiver and release does not apply to any claims that arise after Employee’s execution of this Agreement; (b) Employee should consult with an attorney prior to executing this Agreement; (c) Employee has twenty-one (21) calendar days from Employee’s receipt of the Agreement to consider this Agreement (although Employee may by Employee’s own choice execute this Agreement earlier, but may not execute this agreement before Employee’s last day of work for the Company); (d) changes to the terms of the Agreement, whether material or immaterial, will not restart this twenty-one (21) day period; (e) Employee has seven (7) calendar days following Employee’s execution of this Agreement to revoke it in writing; and (f) this Agreement shall not be effective and enforceable unless and until the seven (7) day revocation period has expired without revocation of the Agreement by Employee (“Effective Date”). Employee may revoke this Release within seven (7) calendar days only by giving the Company formal, written notice of Employee’s revocation of this Release (by Certified Mail) to Attention: Min J. Kim 1000 Wilshire Blvd. Ste. 500, Los Angeles, CA 90017. Such notice must be received by the Company before the expiration of the seven (7) day revocation period referenced above.

SIX: Non Admission of Liability

Neither the transfer of any consideration, the doing of any of the acts referred to in this Agreement, nor anything else contained herein shall be taken or construed to be an admission on the part of the Parties, or any of them, of any wrongdoing, claims, liabilities, obligations, damages, losses or expenses that could have been asserted in any claim, demand, debt, account, cause of action and/or obligation of any kind whatsoever.

SEVEN: Non-Disparagement; Survival

A.       Employee shall not engage in any disparagement or vilification of the Releasees, and shall refrain from making any false, negative, critical or disparaging statements, implied or expressed, concerning the Releasees, including regarding management style, methods of doing business, the quality of products and services, role in the community, or treatment of employees. Employee shall do nothing that would damage the Company’s business reputation or goodwill.

B.       Employee acknowledges and agrees that Article VIII and Article IX of the Plan survive termination of Employee’s employment and remain in full force and effect.

EIGHT: Covenant Not to Sue

A.       A “covenant not to sue” is a legal term that means Employee promises not to file a lawsuit in court. It is different from the release of claims and waiver of rights contained above. Besides waiving and releasing the claims covered above, Employee shall never sue the Releasees in any forum for any reason covered by the Release. Notwithstanding this covenant not to sue, Employee may bring a claim against the Company to enforce this Agreement, to challenge the validity of this Agreement under the ADEA or for any claim that arises after execution of this Agreement. If Employee sues any of the Releasees in violation of this Agreement, Employee shall be liable to them for their reasonable attorneys’ fees and costs (including the costs of experts,