Item
5.02
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DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT
OF
CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS
OF CERTAIN OFFICERS
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Wilshire Bankcorp - Recent Material EventWilshire
Bancorp, Inc. (“Wilshire Bancorp”), the holding company for Wilshire State Bank
(the “Bank”), today announced that Ms. Joanne Kim has been named as permanent
President and Chief Executive Officer of Wilshire Bancorp and the Bank,
effective April 1, 2008. The company also announced today that Ms. Kim has
been
appointed as a Class III director of Wilshire Bancorp and the Bank. Ms. Kim
has
been serving as the interim President and CEO since the retirement of former
CEO
Soo Bong Min on December 31, 2007.
Ms.
Kim
has been Interim President and CEO of Wilshire Bancorp since December 31, 2007,
and was named Executive Vice President of Wilshire Bancorp in March 2005. She
previously served as Senior Vice President and Chief Lending Officer of the
Bank
since October 1999, and was appointed Senior Vice President with Wilshire
Bancorp in connection with the holding company reorganization in August 2004.
Prior to joining Wilshire, Ms. Kim served as Senior Vice President and Branch
Manager of Hanmi Bank from 1995 until 1999.
In
connection with her appointment as permanent President and CEO, Wilshire
Bancorp, the Bank and Ms. Kim have entered into a three-year employment
agreement (the “Employment Agreement”). In return for her services, Ms. Kim will
receive an annual base salary of $260,000, $270,000 and $280,000 in the first,
second and third years, respectively, of her Employment Agreement. In addition,
the Employment Agreement provides that Ms. Kim will be paid an annual bonus
in
an amount equal to four percent of any excess in the Wilshire Bancorp’s
consolidated pre-tax earnings during the current year over the amount of such
pre-tax earnings for the prior year. However, such annual bonus cannot exceed
100% of her annual base salary for a given year. Also, subject to the final
approval of the Wilshire Bancorp 2008 Stock Incentive Plan, which is currently
under consideration at Wilshire Bancorp and which is expected to be presented
for approval by the shareholders at the upcoming annual meeting, Ms. Kim’s
Employment Agreement provides that she will be awarded options to purchase
50,000 shares of the common stock of Wilshire Bancorp.
A
copy of
the Employment Agreement, effective April 1, 2008, between the Bank and Joanne
Kim is filed as Exhibit 99.1 to this Form 8-K and is incorporated by reference
herein.
The
Company’s related press release is filed as Exhibit 99.2 to this Form 8-K and is
incorporated by reference herein.
ITEM
9.01 FINANCIAL
STATEMENTS AND EXHIBITS
(c) Exhibits
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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