RBB Bancorp (NASDAQ:RBB) Announces Amendments to Employment Agreements

On November 20, 2024, RBB Bancorp, the parent company of Royal Business Bank, made significant modifications to the employment agreements with key executives. The amendments were made with Chief Executive Officer David R. Morris, Executive Vice President and Chief Credit Officer Jeffrey Yeh, Executive Vice President and Chief Risk Officer I-Ming (Vincent) Liu, Executive Vice President and Chief Administrative Officer Gary Fan, and President and Chief Banking Officer Johnny Lee.

The adjustments, effective as of the aforementioned date, aimed to refine certain clauses within the existing agreements. The primary alterations included changing the address of the executives in the agreements to the company’s head office, clarifying that upon receiving severance due to a change of control, executives would also be entitled to 100% of their annual target bonuses. Additionally, a paragraph related to the covenant not to solicit customers and colleagues was removed from the agreements.

These changes were outlined in the fourth, third, and second amendments to the employment agreements with Mr. David Morris, Mr. Jeffrey Yeh, Mr. I-Ming (Vincent) Liu, Mr. Gary Fan, and Mr. Johnny Lee, respectively. The amendments aimed at refining the terms and conditions to ensure clarity and alignment with the company’s strategic goals.

For further details on the amendments, interested parties can refer to Exhibits 10.1 to 10.5 attached to the Current Report on Form 8-K filed with the Securities and Exchange Commission. This summary is intended to provide an overview of the changes and is complemented by the complete terms of the amendments.

The financial implications and strategic significance of these amendments are expected to unfold gradually as the executives continue their roles within RBB Bancorp and Royal Business Bank.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read RBB Bancorp’s 8K filing here.

About RBB Bancorp

RBB Bancorp operates as the bank holding company for Royal Business Bank that provides various banking products and services to the Chinese-American, Korean-American, and other Asian-American communities. Its deposit products include checking, savings, and money market accounts, as well as certificates of deposit.