Business Context and Reporting Period
This Form 8-K Current Report was filed by Nara Bancorp, Inc. (the "Company"), the holding company of Nara Bank, on November 27, 2006. The filing reports a significant change in executive leadership effective as of the report date.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
Effective November 27, 2006, the Company appointed Min J. Kim as President and Chief Executive Officer of both the Company and Nara Bank. Ms. Kim previously served as Chief Operating Officer and Acting President since March 13, 2006. She brings nearly 25 years of banking experience, having joined the Bank in 1995.
Compensation and Management Commentary
As part of her appointment, Ms. Kim's compensation package includes the following:
- Base Salary: $325,000 annually.
- Cash Bonus: Target of 75% of base pay, with a floor of 50% and a maximum of 125% based on goal attainment.
- Equity Grant: Options to purchase 90,000 shares of common stock at fair market value, subject to a three-year vesting schedule.
- Benefits: Automobile allowance of up to $1,200 per month and payment for a local business club membership.
Investor Verification Checklist
- Verify the vesting schedule and exercise terms for the 90,000 stock options granted to Ms. Kim.
- Review the specific performance goals established by the Board of Directors for the cash bonus calculation.
- Confirm the total number of outstanding shares and the impact of the new option grant on dilution.
- Check subsequent filings for any changes to the executive team or compensation structure.